The home inventory is shrinking daily and it's becoming hard to find homes that my clients haven't already seen. We ended last month with 2752 active listings and 2580 pending … as of today we have 2527 active and 2528 pending. REO’s and short sales are holding at 18% and 27% of the active listings, so it must be the traditional homes that are selling. Imagine that! Traditional home sales — not a pre-foreclosure or foreclosed bank owned home. This means that even with all the negative news we hear daily about mortgages being upside down, there are still homes selling that have positive equity. Slightly more than 40% of the sales in the city of Fresno in 2011 were homes with positive equity and these homes on average sold 17% higher than non-traditional.
November is looking good and would be even better if we had the inventory to sell. In 2010 we sold 744 homes and we are tracking 600 plus sales as of today … with all the last minute closings I predict we’ll close the same if not more – trying to make it a good Christmas.
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