Some great news is taking place in our market. The availability of Single Family Detached homes dropped below 40,000 this week to 39,828. This fact, combined with previous month’s closings at 5907, left the market supply at 6 3/4 months.
Active listings for single family homes have not been below 40,000 since March of 2007. May of 2007 was the last time we had over 5,900 closings.
Pending sale are over 10,000. That is the highest since June 2005 (The end of the boom years)
If you read newspapers to keep up with current real estate market conditions, makes you wonder where these facts have been hiding?
Sales are still slow in higher end properties, due to the nearly non-existence of realistic financing above conforming amounts of $417,000.
Now is a great time to buy. If you read my last post here about balancing loan rates with purchase price you will realize now may just be time to make your move.
Happy Investing
Chris
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