It may not be earth shattering, but the number of pending sales is going back in the right direction - up! We hit a low of just over 1,500 pending sales at the beginning of the month. Today in the MLS there are 1,578 pending sales including 47 homes over $1 Million. The highest is priced at $6,500,000. There were 24 sales over $1 Million in December. What do these people know? The market has probably hit rock bottom at this point. If pending sales continue to move upward, then I believe we have begun the turnaround.
I personally received more calls on the properties I have listed www.davidwelch.com/myfeaturedproperties this week than I have in the prior several weeks. I have two contracts pending in the first two weeks of this year. If you are selling your home, this does not mean that prices are going up just yet. The median list price of the pending sales right now is $239,900 compared to the median list price of the sales in December of $239,000.
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