Weekly Sales Up, Single family making up large part of sales
Inventory slips slightly
Pending Sales: 7,034 ( +16 from Last Week)
Active W/ Contingency 1,081 ( -44 from Last Week)
Closed Escrows: 1,256 (+248 from Last Week)
Closed MTD 8/17/08 2,568
Active Listings: 52,506 (-153 from last week)
Single Family Quick Stats
Pending Sales: 6,306 ( +24 from last week)
AWC 1,003 ( N/A)
CLOSED ESCROWS: 1,140 ( N/A)
CLOSED MTD: 2,312
Active SFD: 43,033 ( -87 from last week)
Weekly sales were strong again; August is setting up to be a solid, but not spectacular month. Should beat last years, but maybe not July's sales. It seems as far as pendings go, they are going to hover around 7,000; not their peak of the summer, but not too bad either. Inventory is still way to high, but single family sales are making up a high percentage of total sales, and that is a good sign. That is just over 8 months of single family inventory, going by July sales. 5-6 months is not a seller's market, but it would be considered equilbrium in many markets. Not here, traditionally, but in many markets.
I don't think that we can look at AWC numbers in the same light as in the old MLS system; I don't think the stat contains the same data, so we will just have to adjust our thinking about it over time. It appears to run lower than under the marketlinx system.
This is a middle week of the month, which doesn't really tell us alot, except that we have had consistent weekly sales so far this month. The month sets up where we lose the last two days of the month to the weekend, so it might affect overall sales this month negatively. I am optimistically hoping for 5500 sales, if the trending of the last few months can be believed.
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