Hello Everyone,
(for access to spreadsheets please see http://www.fredanlyan.com )
Open houses well-attended. Lots of new open escrows. A number of multiple offers, some over asking price. Some properties selling quickly too. Still quite a bit of buyer/seller negotiation going on though, especially homes that have been on the market for a while.
Inventory up again this week in all categories and percentage in contract up too, in most, but not all price points. Exceptions are: SFR's from $1M to $1.99M, dropping less than half a point, SFR's over $3m, down 1.5 points; Condo's overall, down one tenth of a point, largely due to the over $1M segment with very very small segment size, and on the strength of only a 1 unit change. Condo's in the $0-$999K range actually picking up 2 tenths of a point, ending at 23.6% in contract. Seems that buyers are quietly recognizing the value of condo's at present prices in this market and buying now.
YTD unit sales continue to be off significantly from last year, but going in the right direction. SFR's narrowed the gap from -35.5% to -34.2% and Condo's showing improvement from -39% to -37% from May 6-13.
Hotsheet shows 74 new SFR listings during the week, and 66 contingent, with most of the new listings being absorbed. 32 new condo listings and 19 contingent. Days on market for SFR's =82, compared to 75 at this time last year. Condo's, 94 vs. 77 at this time in 2007.
More next week.
Until then, best wishes to all,
Fred
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