Weekly scorecard 11-8-10
The pending sales and the sold home numbers are starting to correspond. As you may be aware in the past weeks the sold homes had been outpacing the pending sales by almost two to one. It was speculated that this was a hangover from the home buyer’s tax credit offered by the government and the corresponding lack of new pending sales were buyers pulling back from the market after the expiration of that incentive. The market now seems to be getting back to an undistorted condition and we will get to see what the true underlying market is in terms of demand and pricing. The interesting number this week is that pendings sales are exceeding closed sales in some MLS areas. The inventory also appears to be peaking but this may just be seasonal.
The numbers for MLS 520 West Bellevue are distorted since they it includes a larger waterfront that closed for almost $10,000,000. This home sold very quickly. Estate quality very high end homes seem to be in demand.
The spreadsheet is here: Weekly scorecard 11-8-10