Weekly Scorecard 7-27-09
The trends continue. For this week the number of listings was 283. This is at the low end of the range which cycles between 280 and 300. Last week was the low at 279 so a bit of a bounce.
The sales continue to march on with 5 closed sales this week. Again at the low end of the range. However where the numbers get interesting is the per sq. ft. average was $243 per sq. ft. This is a signifigant increase over the prevailing $220 per sq. ft. average where the number had been stuck at for almost three months. Again this could be due to the fact that it appears there was no bank owned homes or short sales in this batch of sales. The depletion of the listed bank owned inventory seems to be playing out in pricing. The average sale price was $518,000 and the average sq. ft. was 2,190. It appears the buyers are digging in their heels going for smaller homes in order to keep the price down.
The pending sales were at 8 for this week but in those numbers was one bank owned and one short sale. The bank owned and short sale homes drew the average per sq. ft. price down to $211. With the bank owned and short sale home going pending for $175 per sq. ft. and $196 per sq. ft. respectively. The average listed sale price was $570,743. In the last three months we have seen the average listed pending price and sold price move up almost a $100,000 as the low end inventory looks to be getting cleaned out and more expensive homes are selling now that Jumbo financing is available.
It looks like declining volumes and a slow move up in pricing if the distressed inventory remains low.