Weekly Scorecard 4-4-11

By George Thurtle

The inventories have ticked up by a hair but the big story this week is the closed sales. West Bellevue had 18 alone. This is a record for an area which does only two to three. Many of those sales looked to be potential tear downs but that number is very high for any market. In Bellevue market area this week there was 46 closed sales in total. I believe this number is not sustainable but given the reduced inventories and these sales volumes you see why there has been an uptick values as noted on the Altos graphs. However I don’t see prices rising high enough to bring more new construction or some of the better inventory to the market. It appears that many of these sales were pending short sales that finally came together. some of these sales were in progress for six months or more and I think some of the banks wised up and decided to move on. The other notable aspect of the sales when viewing them individually was the number of the sales that the home was on the market three days or less. It was evident that when a very nice new home came on the market that was competitively priced it sold quickly and in some situations had multiple offers. In the monthly graphs that are out you can see the lines of the decreasing inventories and increasing sales. What I am seeing at the street level is that the better inventory has gotten picked off and what is remaining is stale or over priced and when a new home comes on that is very nice it looks like there are now a number of buyers willing to pounce on it quickly.

The spreadsheet is here: Weekly scorecard 4-4-11

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