Weekly Scorecard 3-1-10
There are two news worthy items to report. The first is that the overall volume of sales and pending sales is very high. The sales and pending sales being reported now occured in January. The other big newsworthy item is that inventories remain low. I thought you would see inventories spike up but it appears there is not a lot of bank inventory coming to the market and that the prices are staying low enough that the more capable sellers locally are having no incentive to participate in the market.
Also on the better homes we are starting to see multiple offer situations in more than just the low end. This market could get really tight if the sales rate remains at the same level and the inventories continue to fall. If this trend continues you will start to see upward pressure on pricing in 3 to 4 months. Now if you look at the monthly price per sq. ft. graphs they are pretty steady and don’t show much upward movement but that may change. At my open houses I am continually seeing new buyers come into the market that feel more confident about their personal situation and very dissappointed regarding the lack of homes to select from. Especially nicer newer homes.
The spreadsheet link is here: Weekly scorecard 3-1-10