“…the first full week unaffected by Labor Day – will be very interesting to see.”
Here are weekly market activity charts through September 12th for houses, condos, TICs and 2-4 unit buildings. The charts go back 6 months.
Listings Accepting Offers: even taking into account that the Labor Day holiday impacted both of the first 2 weeks of September, activity as measured by listings going under contract is low. We usually expect a spike in the week after Labor Day. The red line shows the average of accepted offers per week for the first 3 months and then the subsequent 3 months of the entire 6-month period.
Active Listings For Sale: climbing with the influx of new listings, but not significantly higher than the weekly average over the past 6 months.
Listings Closing Escrow: declining. This reflects market activity (listings accepting offers) in July and August.
Percentage of Listings Accepting Offers: very low. A spike in activity is typical in September, which is not showing up yet. The percentage for the week ending September 12th is very comparable to the July 4th holiday week. Activity for the 3rd week in September – the first full week unaffected by Labor Day – will be very interesting to see.