Weekly score Card 7-13-09
Here is the weekly scorecard. The listings for this week fell to 284. This is a big drop from last week, when it was over 290 homes. I thought, as prices stabilized, that more inventory would come on the market, but that is not the case. If you go to the Monthly Stats section on the Blog, you will see that since last November, total area for MLS Area 530 has been hovering right around the 285 mark, with dips as low as 260. The big deal, though, is that the percentage of bank-owned and short sale inventory has been drastically reduced.
Six homes came through as sold. This is a reduction, and reflects the lower sales volumes in the pending sales from last week. The per sq. ft. average also dipped to $215 per sq. ft., but there were no bank or short sales. This is a first, and I think is indicative of the blow out of this inventory over the last three months.
There were only three pending sales. This extends the trend of prices stabilizing, but sales volume is going down. The per sq. ft. sales price was $209, considerably under the $220 per sq. ft. average, but with so small a sample, the number is not reliable.
Dwindling inventory and sales volumes at the same time looks like a recipe for prices to flatten.