The Market Continues its Recovery Trend. Great numbers continue to report every Monday in 2008. Pending sales continue to climb for the 8th consecutive week and appear poised to break 4000 next week. These are levels not seen since mid 2006! One can feel the new energy in market. Inventory continued to decline over the last week. Expired listings at month end are included in the reduction this week. Still the trend is very present. Million dollar plus homes are losing ground when compared to last year. The once robust luxury home market is showing signs of slowing down. Year-to-date closings are down almost 50% versus 2007. The overall market is 35.7% behind 2007 in closings to date. That number, however, marks 7 straight weeks of gaining ground on 2007 numbers. The repo market notched an increase in listings and percent of market. No worry though, these listings are the hottest listings in the market.
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Tim,
Historically speaking, does the inventory tend to increase during these months? If so, do you think that this may be an indicator that prices should start to stabilize?
[...] where are these people? I am sitting in a metropolitan area where 9.87% of our 22,000 current listings are the Repo market — that’s over 2100 properties! Where are they? How are they helping people in [...]