Weekly Sales Up Sharply
Pending Sales Rise slightly, inventory too.
More properties sold already this month than all of Sept.'07!
Pending Sales: 7419 (+50 from last week)
Active W/Contingency: 1060 ( +12 from last week)
Closed Escrows: 1,481 (+443 from last week)
Active Listings: 52,416 (+198 from last week)
Closed Month to Date (9/21) 3,418
Single Family Stats
Pending Sales: 6,680 (+28 from last week)
Active Listings: 42,984 (178 from last week)
Closed: 1,334 (+381 from last week)
Closed Month to Date: 3,091
It was a very nice week for sales, and puts us in a position of easily making it to 5000 sales this month. Actually, were we to compare to our best month, July, in which we topped 6000 sales, we are ahead of that pace as of 9/21...on 7/21/08, we had 3,216, and and as of 9/21/08 we have 3418 for September. I don't think this will hold up; we are not likely to cross 6000 this month, but we are going to achieve a solid number for the month. Enough solid months in a row, means we have a positive trend. There are still too many listings, but as I have mentioned before, they tend to drop off at the end of the month when a great number of pendings disappear. I am not quite sure of the relationship there, but we may touch 50,xxx listings by the end of the month.
That said we still have six months to go at least of too much inventory. It doesn't necessarily mean falling prices however. We are seeing a move towards more purchasing, and that means that people are again finding what they consider to be good housing deals, and are pursuing them. We are still selling houses at a much faster rate than we were all last September and 4th Quarter, even with the mortgage difficulties, so I think that says something about the confidence in prices at these levels. We are poised on what could be a massive setback in the economy with this bailout business, but the bailouts, should they get done, should help the real estate industry.
The bottom line for us is we are having a good month of September, we did reach the number of sales of all last september already-, and the pendings point to a solid next couple of months, assuming there is no meltdown in the financial industry. With Fannie mae and freddie mac already addressed, home lending problems are not as likely, but a confidence crisis could still ruin this slow recovery. For right now, the numbers are to be cheered. It was a good week.
chris
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