Weekly Scorecard 9-7-09
Well the inventory number took a big dive this week down to 249 homes. For weeks the inventories were hovering bewteen 280 and 290. Apparently as homes are selling, unless they are distressed inventory, the present sellers are choosing not to participate in the market. In addition a lot of new construction homes have sold the last couple of months and as everyone has heard before there is no replacement inventory for these homes. This week there was 7 homes sold. One of these was a waterfront lot which had a small tear down cottage so for the averages I have excluded that home. Again the same story, the sold home’s average sales keeps gradually moving up; this week to $567,467 but the per sq. ft. sales price only averaged $219. This number has been stuck at $220 per sq. ft. for the last three months. There was one bank owned home in this bunch the home at 872 164th Pl. NE finally closed after having the sale flip a number of times before. The closed sales price was $235,000. The original list price was $254,900 and the most recent list price was $249,850. The per sq. ft. sales price was $183.59 and the days on market was 198. I guess we won’t have this one to kick around anymore. At least it won’t keep showing up in the pending sales.
Speaking of Pending sales, there were 6 pending sales and there appeared to be no bank owned or short sale inventory. Again the pending sales average per sq. ft. price was $265, well above the average sold price. Now the last three weeks we have had a trend of seeing the pending price price per sq. ft. price above the closed sale price per sq. ft. We will need to see if the discounts from list price continue because as has been noted we still haven’t seen the sold price per sq. ft. move significantly above $220 per sq. ft.