Weekly Scorecard 1-31-11
The invetories appeared to have stopped declining but are not going up. This is really out of character for this tome of year no matter what the market. The sales remain brisk but when looking at the individual sales there were a bunch of low end bank homes. One even sold for under $300,000 in West Bellevue. These homes were really in por condition and needed work and would be what I would call “tail-enders”. The next couple of months will be interesting. The bank owned and short sale inventory is declining. There will be some new distressed inventory coming to the market based on what is happening recently in the “Distressed Inventory Report” of 1-29-11 but the sales appear to be absorbing the inventory. The next couple of months will be VERY interesting. Distrssed inventory has been the “tail wagging the dog” in the market. It will be interesting to see if this flips.
The spreadsheet is here: Weekly scorecard 1-31-11