MLS Stats Through 2/10/08

MLS STATS-2/10/08

New Active With Contingency Contracts Crosses 800!

Pending Sales: 4842 ( +590 from Last Week)

Pending Sales + AWC 5679 ( +677 from Last Week)

Closed Escrows 2.4-2.10 483 ( -471 from Last Week)

Active Listings: 55998 ( +631 from Last Week)

February Closed MTD (2.10.08): 650


Sorry this is a little bit late, I actually was out looking at land with a client, which I haven't been doing nearly enough of! Its nice to get back to doing something constructive. Nice to be writing contracts, again too. I hope the trend continues...

We passed another highwater mark for new contracts, Pending Contracts, and Pending + AWC Contracts this past week, with AWC contracts passing 800 for the first time since I started tracking these numbers last summer. This portends well for near term sales, hopefully in February, but sales through the early part of the month are still slow. The nagging problem is still the amount of Active listings, which despite our increasing pending sales, we can't seem to bite into the available listings. This means there are significant numbers of homes coming on the market, as it is likely that people are either trying to get out ahead of a mortgage reset or finding that they can't afford the home they are in. The good news is that buyers seem to be showing up. Rates and prices are both down, and I would expect the buying trend to continue to rise. Mortgage applications have been strengthening as well, and bodes well for future contracts. I just wish the active listings would start shrinking.