Weekly Scorecard 8-30-10
Well I seem to keep getting further behind but finally got to the weekly numbers. The schizophrenia continues a high number of closed sales and low numbers of pending sales. West Bellevue was the best example with 11 closed sales and no pending sales. There was one bright spot in West Bellevue a new construction home closed for $3,000,000 that is almost one a week and they is not bank owned. As we discussed earlier there is very little or no new construction inventory over $1,000,000 since prices are well below production cost still. There is however a number of custom homes started since those individuals who would like a new home are finding little or no inventory to select from.
In addition it appears inventories have peaked. They are not dropping but the numbers are not rising. The issue however is that in the next few months with the same amount of inventory and half of the sales than previous months what will happen to pricing. I am starting to see a lot of pricing pressure; particularly for short sales.
The spreadsheet is here: Weekly scorecard 8-30-10