The Thanksgiving Holiday week stats are in; nothing unexpected. A little short on sales, as the week is not a popular one for closing escrows. We will see what the last week brings. The last week could peter out a bit, and we could end up with poor sales for the month, but let's hope not. There is an article out today about national home prices being down, but the home price level being down was just about a given in a market that we are experiencing now. Home prices come down to attract buyers, and that is what is happening. Many, many of the homes on the market (not to mention land) is significantly over-priced to sell in the current market. It does not help. Here are the numbers for the week.
Pending Sales: 4195 ( -4 from last week)
Pending Sales + AWC 4701 (+5 from last week)
Closed Escrows 563 ( -232 from last week)
Active Listings 57378 ( -389 from last week)
Month to Date Closings 11-1-07-11/26/07 2265
A couple of notes on these numbers. Obviously active W/contingency contracts are holding up, even slightly better, but just slightly. Still, that is positive considering the season we are in. Sales are down from last week, but it was a short holiday week. The pace of the last week of the month's sales in October was 1200+, and I am not sure we will see that number, but something approaching 800 would put in us very acceptable territory for November. A 1000+ would be a nice surprise. We will just have to wait and see if we finish November strong. At least we are holding up though, as November could have been reasonably expected to be a lot worse.
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