Early returns for September as reported by ARMLS show:
Closed @ 7934;
Pending remain strong @ 12,309;
Active Listings down slightly @ 31,024.
Will the headlines in a couple of weeks talk about September’s market drop-off? Maybe, but don’t you believe it. The initial closed numbers (7934) for September are off about 1% from August – that’s fewer than 80 sales. September 2009 closings are up 28% from September 2008. 2009 YTD closings exceeded 70,000 or plus 17% over all of 2008 with 3 months still to go.
September 2009 should be noted for its REO drop-off. REO’s sunk below 50% of all closings for the first time in a while-coming in at 47% (3786). Pending bank owns have dropped to 38% (4640) a signal the trend will continue. Short Sales continue to increase, accounting for 20% of Closings (1557), with 30 % (3665) lurking in Pending status – a sign of further increases.
I thought you might be interested in the numbers as we approach the deadline of taking advantage of the $8000 First Home Buyer tax credit. If you’re not in escrow shortly, you may be disappointed if you’re counting on closing in time to get the credit. Remember the Thanksgiving Holiday will make end of November closings a challenge.
[...] of Pandora) whispers from my speakers just loud enough so I can hear. As I open the web to upload Jim’s September Phoenix Market Review I notice it’s been a week since we’ve posted an article here on our blog! Man, so [...]
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