More welcome news in the real estate market this month! Those pending sales from last month did equate into an increase in closed sales this month of 10.8% over last year. This has pushed our closed sales year to date to within just 1.1% of 2010’s numbers. I expect this trend to continue as once again the pending sales is up at 54.7% over last year at this same time.
Inventory did slide again this month with new listings down 10.8%, putting us down 14.9% YTD. This is a two edged sword as reduced inventory is good, but buyers are continuing to struggle to find what they are really wanting to buy. There’s a good opportunity for new construction to fill this gap, if only the banks would start lending to builders!