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Sales Activity: Over the past month, the total number of closed sales in 2011 rose from 117 to 138, an increase of 21 new closed sales. The number of homes in escrow as of August 15th, increased from 30 to 36. Of those, 5 are contingent sales, with the majority being “Short Sales”. When factoring in the 21 properties which closed escrow since July 15, 2011, there were 27 net new escrows reported this month, double what open the previous month.
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Inventory levels: The number of homes listed for sale remained the same at 173 homes. The current listing inventory remains right at a 15-month supply, down from a 16-month supply when we first began reporting in June of 2009.
The Silver Lining: With 138 YTD closed sales through August 15, 2011, demand continues at an acceptable pace. There have already been more sales through August 15th than there were all of last year (2010) There continues to be a wide variety of homes that buyers can choose from. Sellers willing to become more competitive with their pricing will have an opportunity to entice the right buyer.
Mike has had over 31 years of real estate and banking experience. Early on in his career, he spent gaining knowledge in the Savings and Loan industry where he successfully lead several institutions through the Savings and Loan crisis of the early 90′s. Real estate experience came earlier on in Mike’s career as he managed and supervised real estate loan matters as well as REO Sales. It wasn’t until 1997 that Mike made the switch and became one of the county’s most successful real estate agents. Mike has a unique perspective and overall knowledge of the industry by having spent more than 31 years in real estate sales and real estate banking.