In the first week of July, 2009 the number of available homes for sale dropped to 13,348 which is at a low that we haven’t seen in our market since early in 2006. If your buyers are not yet aggressively pricing their offers, now is the time to educate them to get their offers accepted. Added to that dynamic is the fact that the contracted status of 9,471 homes continues to grow with the single biggest reason for the contingency is bank approval. This has more than doubled from last year, and about 61% of those look like short sales.
Putting all of the data together it seems to point to the conclusion that short sales are going to continue to garner a larger market share than ever before as Foreclosures continue to decrease. So for all of you who didn’t catch the “Foreclosure Bus” don’t miss this next market trend!!
