Weekly Scorecard 10-12-09
Well it appears the overall inventory level is stabilizing at a lower level. This week it was 237 versus 234 last week. The big news over the last three months was the drop in inventory from approximately 300 homes down to about 240 homes. This is a 20% drop. This drop occured in mainly in the last month. This week there was 9 homes sold with an average per sq. ft. sales price of $237 per sq. ft. The number of homes closed is above average and the per sq. ft. sales price is above the $220 per sq. ft. the number seemed to be stuck at. There appeared to be no short sales or bank owned properties which is probably why we see per sq. ft. sales prices molving up. The average sales price was above $500,000 this week at $586,767.
However this week there was only three pending sales. The per sq. ft. pending sale price was $241 per sq. ft. and the average pending home sale list price was $529,665. Looks like as prices try to head up the volumes go down. In this group of sale there also appeared to be no bank owned or short sales. If the distressed inventory remains stable looks like a tug of war between buyers and sellers; as sellers want higher prices but the buyers want the prices that prevailed with more distressed inventory in the market.