Monday Market Snapshot 2010/07/19

Market is shifting. We have a consistent build up of homes available - current count of 2750 in the city and 3829 in the county, Both numbers are up. About 2% over the last month. That doesn't sound so bad, does it? Pending counts are down - current pendings are 682 in the city and 888 in the county. That's a 13% change in the city and 12% in the county over the last month. This puts our pending/available ratios at 4 for the city and 4.3 for the county - meaning for each home under contract there are about 4 more on the market.

This suggests a building inventory and more advantage to the buyer (because of number of homes available). I suppose the good news at this point, for sellers, is that the short-sale and bank-owned ratios are holding pretty steady. So do we have more people selling so they can buy up? because they feel good about their jobs? Or is it people who anticipate troubles with adjusting rates on their ARM loans? Let's just count on it being people testing the waters and finding them not so cold after all.

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