As we near the end of the year, housing trends for the twelve-month cycle will soon be complete. 2011 had seen it’s fair share of continued housing headlines. All markets, across the board, continued to see declines. We also had our share of good pricing news that never seemed to make it past the news desks.
- Sales Per Month: October, 2010 vs. October, 2011: Up 16%
- Active Listings including Active with contingency: November, 2010 vs. November, 2011: Down 40%
- Active Listings not including Active with contingency: November, 2010 vs. November, 2011: Down 50%
- Pending Sales: November, 2010 vs. November, 2011: Up 9%
- Sales Price as a % of list: November, 2010 vs. November, 2011: 1.63%
So what does this seem to tell us? Well for starters, home inventory levels have dwindled. The market in 2010 was ripe with foreclosed homes and short sales. Today, the supply of foreclosed homes seem to be much less as banks may be holding onto their inventory longer before it hits market.
Secondly, as homes continue to short sale, those with substantiation and support to receive lender’s extensions on the foreclosure sales date have impacted the amount of supply hitting our market. Extensions to close short sales are highly probable with an experienced and knowledgeable agent. For sellers this is KEY to getting the short sale done. For buyers, since I understand the entire process so I am able to protect my buyers’ purchase as the seller continues in their effort.
The numbers above show that our market is working hard to bring about a positive change. With supply in smaller numbers, prices in certain key areas have seen stabilization and some small appreciation. This is a very positive sign of our market trying hard to break the bonds that have drawn downhill movement over these last few years.
