Aurora, Illinois. Since August 2008, Mainstreet Organization of REALTORS has been tracking the number of houses going under contract/contract pendings on a monthly basis. These were some informative numbers that we hadn't had before. The only tracking information up until that point was the number of closed transactions, average salesprice and the median sales prices.
The tracking of contract pendings gave MORe and our members a better picture of what was happening in the marketplace. The number of pending transactions has steadily increased and were on the positive side since August 08'. The disturbing numbers in conjunction with that was the fact that the number of closed transactions were still on the negative side. That meant that homes were getting contracts on them but were't getting to the closing table.
In Aurora, Illinois there are probably a gagillion reasons why this was happening from financing issues to appraisals to job losses to unforeseen problems that arise from home inspections. Maybe, just maybe the playing field is leveling out and some of the problems are disappearing so we can get the contract pendings to the closing table.
For the first time in maybe 18-24 months we have very positive numbers. Contract pendings for June 09 vs. June 08 are up an astonishing 40.8%. Out of the 125 communities we look at, 112 communities had a greater number of transactions for June 09 versus June 08. Even better is the fact that our number of closed transactions for June 09 is up 1% over the number of closed properties for June 08. Soooo, maybe the tide has finally turned.