Monday Market Snapshot 2009/11/09
The market may be showing the first signs of change. What I've learned in the past is that the market changes swiftly once the change begins.
For the Clark County area, the number of homes on the market was 3491 last week and it's 3528 this week. That's the first increase since June. For the greater Vancouver area, the number of homes on the market was 2553 last week and 2554 this week (yeah, weird, huh?). The number of pending homes was 857 last week and it's 834 this week. This means the ratio of homes available versus undercontract changed a tad showing a slight increase in the ratio.
So what's this all mean? Well, I'm not sure. I watch the raw numbers and the ratio of homes for sale compared to the number under contract and this is the first time since August of 2008 I've seen the ratio grow. It's not much of a number, and it's just from last week to this week.
Perhaps the extension of the of the tax credit program gave some people reason to postpone putting an offer in this week. Stay tuned.
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