New listings continue to fall from last year. There were a total of 1628 new listings the last week in February which is 19.2% lower than last year. Total active listings are roughly 5000 less than last year at this time and pending sales are up from last year 12.1%.
Months supply of inventory is also down to 7.8 as well as days on market. There are three indicators a recovering market 1. Decline in new listing activity. 2. Decline in days on market. 3. An increase in sales price versus list price.
We have seen the first 2 indicators already and hopefully the third is very soon. It’s getting better out there. Anyone trying to buy their first home knows exactly what I’m talking about, homes are moving!
Updated 4/13/2009
I hope everyone had a happy and safe Easter. Listing are up from last week but remain behind of 2008 but behind 11.2% from last year. Pending sale are also up from this time last yaer and are matching pending sales from May of 2007.
All these pending homes means there are 17.5% less homes on the market than this time last year and is bringing some need competition. All this is pointing to the right direction of a recovering market. Until next time!
Forget the media folks! We are not as dim and gloom as they make things out to be. Click Here.
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