The news today is that February sales were below the sales in February of last year. True. The percentage of dollar sales for February for the major brokerages in our Conejo Valley was 85% of the dollar sales experienced last year.
Now for the good news. If you look at the chart for the number of closed escrows, we are ahead of last year. As a matter of fact, we are well ahead of the past three years. It looks like the low achieved for the early period this year was just short of 30 escrows per week, versus less than 20 for 2008 and 2009 and 25 for 2010. The market is not crazy, but it is good. We are seeing growth in the number of escrows closed.
We are not yet seeing growth in the number of active listings. One significant factor is the relatively low number of REO and Short Sale listings. There has been talk for several years about the amount of inventory the banks are holding on to, and that there is going to be "a flood of foreclosures" on the market. Hasn't shown up yet! This will be another interesting year, too early yet to forecast if the rebound we are all hoping for is taking place.
DRE # 01437172
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