The number of available single family properties continued the decline we first noted in late June, from 99 last week to 98 this week. However, this last week saw a decrease in the percentage of pending listings, from 39% last week to 33% this week. Researching this further, we saw a decrease in the number of new pendings this past week accompanied by a dramatic increase in the number of properties that completed the sales process. We’ve observed the same pattern in traditional (ie non-distressed) sales; available single family listings dropped from 92 last week to 90 this week, and the percentage of listings under contract dropped from 30% to 24%. Many families are squeezing in the last days of summer vacation before their kids go back to school. Plus there may be a few jitters with the volatility of the stock market in recent weeks. As is typical with the Almaden market, we expect the market to start picking up again soon once kids are settled back in school. Interest rates are at record lows and buyers want to take advantage of that.
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