Ongoing Movement

optimism

Last Thursday I copied some pretty positive numbers about where the market had been in the prior 24 hour period. During that time there had been 22 pending sales out of 51 total properties experiencing a change of some kind. I couldn’t resist doing this same exercise again today. Honestly, there’s nothing particularly special about Thursday…it’s a random day that’s really no different than any other in terms of activity, with the possible exception of Monday since that’s the day most listings come on the market so that it can be included in Tuesday’s broker tour. Anyway, here’s yesterday’s numbers:

58 properties experienced a change of some type.

25 were pending sales.

6 closed escrow.

11 were new listings.

5 experienced a price reduction.

8 listings were canceled, expired or withdrawn from the market.

2 listings had their deals fall apart.

1 listings increased it’s price (go figure!)

Let’s hit this one again….there are 25 pending sales in the last 24 hours. It’s becoming a trend. It’s not an aberation.

In Foster City there were pendings at 998 Laguna, 842 Grenada, which had been on the market 271 days, and 1051 Beach Park #201 which had been on the market 244 days.

Today, there are 41 pending sales in Foster City in all classes…up from 39 last week.

Last night I showed fellow blogger Vicki Moore’s listing at 245 E 40th in San Mateo Village listed at $560,000. There were 6 other agents showing the house while I was there with my clients. It felt like a party! Reminded me of 2004! There’s no doubt in my mind that this house is getting multiple offers and in fact Vicki has set a date to review them next Wednesday. Again, it felt alot like the good old days.

The worm has turned folks…and I’m not just looking at the market through Rose colored glasses either.

Comments

  1. SteveTinFC says:

    Wait, wait, so let me get this straight … 25 pending sales … in the last 24 HOURS?!?!? That has to be for a larger area than just Foster City, right?

    Encouraging to see 41 pending sales in FC … now if those fish could be reeled in (hello credit markets!).

    Steve

  2. Jim Minkey says:

    Sorry, I should have put that down like I did last Thursday. It’s 25 pending sales in FC, San Mateo, Redwood City, San Carlos, Belmont, Redwood Shores. Still…that’s quite a bit better than it was a couple of months ago!

  3. Interesting data. I tried to compare a bit with what the market did in May ’08 from the data at http://www.samcar.org/. In May ’08, we had a total of 196 escrow closes in the 6 cities (141 sfr, 55 condo). Don’t have all the data, but if we extrapolate from the 2 Thursdays in May, we’re on track to close escrow on about 147 properties this May (21days*(6+8/2)), or 25% fewer sales this May at what will most likely be lower prices.

    It’s nice to see some sales activity after about ~6 months of a market freeze (~Oct-Mar). That (at least I hope) had to have marked the low point for sales activity. I think the sales activity reflects buyers and sellers getting a little closer together on pricing, but doesn’t indicate prices have bottomed. Given the amount of inventory out there though and other conditions, I think prices have further to fall before the market’s more in balance.

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