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Inventory Continues to Decline - Contracted Units Continue Rise

Posted on September 14, 2009

    The number of properties listed for sale continued its downward trend during the past week. Availability dipped by 173 units over the past seven days by over 9,700 units (44.4 percent) compared to the same period of the prior year. Short sales and bank-owned properties (distressed units) represent nearly 60 percent (7,273 units) of total inventory. Short sales comprised 39.8 percent of availability while bank-owned homes represented 19.8 percent.

 

   Contracted units (contingent and pending) continued to increase during the first week of September 2009, reaching a combined total of 14,632 units, the highest in history and double the amount posted one year ago. Contingent units increased by 270 units during the past week, largely attributable to short sale transactions, which comprise 68.6 percent of the total. Pending units (those waiting for customary closing procedures to complete) rose to 3,821 homes, with a more modest 14.9 percent reflective of short sale situations. 

  by applied analysis 
 

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