Pending sales for last week, up 16.4%. Great news as the spring market heats up. New listings are still coming in strong with 1584 home coming on the market last week. As spring continues the number of pending sales will dictate how many of these homes sell, and whether or not the market continues it's march towards balance, health, and/or recovery.
The pains home sellers are feeling notwithstanding, real improvements have been make. The average time homes spend on the market is falling and the percent of list price sellers are receiving is rising. Still prices are down in general. Perhaps the most important point to make is that while some area and price ranges are doing well, others are in completely the tank.
If there is a silver lining to all this it's that some opportunities are presenting themselves in this market. For example, homes in high end neighborhoods that are in really poor condition can be a great way to take advantage of this market. Poor condition takes a massive toll on price when buyers have so many other choices. If the homes in good shape but need a cosmetic over haul, you may have a diamond in the rough. Be sure it's in a great neighborhood though, like poor condition, less than ideal locations will be hurting for a long time before their recovery takes hold.