Weekly Score Card 6-29-09
Another week with some interesting activity. The overall number of listings was down this week to 287 from 295. This is the first downward trend in a few weeks. I thought as sales would continue more sellers would come to the market but maybe the sellers have figured out that while sales are good there is not much movement upward on pricing. The number of sales really jumped to 17 from 5 sales last week and 9 the week before. Also in this batch there appeared to be no bank owned or short sales. The per sq. ft. sold price however seems stuck at that $220 number. This week it was $224 per sq. ft. There was one bank owned home that really drug the numbers down last week to $185 so that was kind of an anomaly with only four sales. The number that is moving up for the third week in a row is the average sales price at $549,643. It appears the lesser expensive inventory is getting cleaned out.Â
This week there were only five pending sales and again the per sq. ft. average was up for three weeks in a row for pendings versus sold, this is a counter trend to other markets still fighting through bank owned homes and short sales. Also in this group of pendings there appeared to be no banked owned or short sales. A first. The average pending per sq. ft. price was $238 vs $241 last week and the average sale price was. The average list price sold was $503,000 down from both weeks in a row.
On the surface it appears that some of the bank owned and short sales may be working themselves through the system. If the economy doesn’t get worse this maybe a continuing trend. It appears there is some mild movemement up on price on the lower end but it also appears the buyers are starting to dig there heels in. I suspect we will see sales volumes declining from seasonal levels. Also you may see buyers sit on the sidelines if they can’t get the deals they want. Interesting to see how this plays out.