The Market is BACK!! Will it last? Pending sales are at levels not seen since 2006 this week. It's tough to not be optimistic and excited about this week's data. Look here - Pending Index reached a historic high (164) indicating an active marketplace with ample buyers. Supply (inventory divided by solds in last 30 days) has reduced by 21% to 21.22 months. Peak was in November at 26.5 months. In the Henderson sub-market activity is more robust where supply has dropped 37% to just 16.3 months from the Nov 2007 peak. Listing inventory plays an important role in this and inventory continues to defy historical trends. In week 8 of this year, inventory is down 3.2% from week 1 in January and down 15.2% from the November 2007 peak. Investors continue to flood the market competing with home buyers who are now able to buy newly affordable homes - will it continue?
I saw the following bumper sticker the other day: "Oh God, please give me another Real Estate boom and I promise I will be good with the money this time".
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