I just wanted to share a main topic of conversation at out staff meeting this week. Pending sales have increased due to an increase in buyers, low interest rates, and prolonged escrow periods. Increased competition, low inventory, it's that story we have heard many times over, the law of supply and demand. Average sales prices in our local market have been creeping up slowly in some areas in the last few months, sometimes over asking price. If this trend continues, it could be good news for homeowners that are considering selling their homes.
Rising prices could signal the bottoming out in some areas. However, with the number of homeowners in default and the number of short sales on the market, it may still be too early to determine whether this will continue bo be an actual trend. It will be interesting to see what happens in the next few months.
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