Thursday, April 10, 2008
Exciting stuff...the March stats are out, and pendings have substantially increased over last month (which was substantially up over the prior month too). In March, there were 2,311 pending sales. Compared to February's numbers, that is about 50% MORE pending sales. Overall listing inventory decreased slightly, but is still higher than March 2007's total listings.
This is a positive trend for sure...is the madness completely over? I doubt it. There will be many new foreclosure listings that hit the market over the next several months, but the silver lining is that the banks are 'getting it' and actually pricing listings to sell. I have several buyer clients who are getting outbid in multiple offer situations for well priced listings. Who is outbidding them, you ask? Yes there are investors in the marketplace, but there are even more first time buyers and move-up buyers taking advantage of the buyer's market we are in. While there will be a lot of listings on the market, I think the bottom is in sight for the low end of the market. Appropriately priced listings under $300k in nice areas are selling relatively quickly, and they are moving even faster the closer to $200k you get...this applies to properties in all types of condition.
Over $300k, listings take longer to sell, and the length of time on the market extends with the higher the price range (exceptions in a notable neighborhoods, like Land Park for example). My own sales activity reflects these trends. I wish I had a crystal ball to see what the future holds. I do not think we will see another 50% increase in pending sales from March to April (when those figures comes out in a month or so), but there are lots of buyers out there, and I think demand will remain consistent.
If anyone is interested in data for any specific areas or price ranges, please email me at firstname.lastname@example.org and I am happy to shoot them over to you.
Source: Trendgraphix, Metrolist MLS