August 2024 Residential Market Report:

- **Report Availability**: August 2024 reports for Attached and Detached Residential properties will be completed and available for download either Friday or Monday of next week.

- **Labor Day Weekend Activity**: Contrary to the usual decline in buyer activity over Labor Day (showings typically down 40%, pending transactions down 25%), this year saw a modest decrease in showings (about 10%) and a nearly flat decline in pending transactions (2.5%). This indicates stronger buyer engagement than usual.

- **Buyer Activity**: The weekend showed a stronger market with buyers experiencing less competition, leading to more contracts being written.

- **Inventory and Seller Flexibility**: Inventory is at its highest in a decade, and sellers are more flexible, making it a good time for buyers who have been sidelined. This flexibility includes negotiations, repairs, concessions, and accepting contingent offers.

- **Active Listings**: The average daily count of active listings remained stable week-over-week but is significantly higher than last year, suggesting a potential peak or leveling off of listing activity for the year.

- **New Listings and Pending Transactions**: New listings were down from the previous week but higher than the same period last year. Pending transactions stayed nearly the same, indicating market stability. The month's supply of inventory has increased slightly compared to a year ago.

- **Market Trends**: The Odds of Selling have increased slightly but are still below the historical average for September. The market is adjusting after years of fluctuations.

- **Showings and Market Dynamics**: Showings per listing were down slightly, with longer times to contract, giving buyers more time to make decisions.

- **Price Reductions**: There has been an increase in price reductions, with over half of units going under contract having reduced their price. The average reduction size remains stable.

The data highlights a more stable and slightly improved market compared to previous years for home buyers.