Inventory Inches Up....
Pendings and Sales make solid gains.
Short Sales still blowing up the AWC stats.
Pending: 12,186 ( +349 from last week)
Pending SFam: 10,469 ( +299 from last week)
AWC: 6,785 ( +163 from last week)
AWC SFam: 5,811 (+143 from last week)
Closed: 1,292 ( +155 from last week)
Closed Sfam: 1,091 ( +135 from last week)
Active Listings: 35,381 ( +192 from last week)
Active Sfam: 27,636 ( +66 from last week)
February statistics continue to show solid gains in buyer activity, but listing activity remains strong. Short sales make up a solid bit of the inventory, but also buying activity, as attested to by the number of Active With contingencies. There are 5 times as many active with contingencies as there were this time last year. Short sales make up 6,053 of these AWC contracts. They are still contracts, but they do take longer to close. Short sales also account for 9,340 of the 35K+ listings as well. Short sales are really the plug in the bottle right now. As they move quicker, so will the market. February sales are likely to be mediocre, but March should be very good, as the numbers are building nicely. I even an anecdote regarding a home sale that shows there is getting to be increased buying activity. I just yesterday wrote an offer for a client on a condo that had been on the market for all of 9 days, and to our chagrine we discovered that the seller was already choosing among several highest and best offers it had received for the property. This was a home with no appliances in it....there is some demand showing, and I think it foretells for a very good spring.
There was also an article out today that I found very interesting regarding lot purchases. Good to see the buying activity among the builders.
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