MAAR released its report of market activity for the week ending June 14 this morning.
The study included some encouraging news: namely that the number of pending single family home sales increased by 3.8 percent over the same week last year. In the last six weeks, sales are down just 30 transactions over their pace from the same period in 2007.
Don’t break out your party dress just yet.
Of those pending sales, 27.9 percent were on bank owned or short sale properties. Sales of homes not in a distressed financial situation were down 21 percent over the same period last year.
Meanwhile, duplex sales continued along at a robust pace, up 133% over the same week last year. (Remember, I’m doing the math in this part.)
While foreclosures and short sales represented just 21% of last year’s multi-family statistics, they comprised a full 93.75% of this year’s.
Short sale and foreclosure properties are continuing to stunt sales for the traditional single family or multi-family seller. Once this inventory is absorbed, we should be back on track for a more balanced, healthy market.