With such a mixed bag of market news, it seems, at least Nationwide we are out of the “bottom” of the market.
There’s a big change in real estate multiple listing reporting with more than triple the number of combined listings that are combined status in “active”, “Back-up” and “pending” compared to those sold in the same period, yes there’s a shortage of inventory, however there’s a bit of time to close sales. Depending on what city, that can vary on the absorption rate from 2 – 4 months and especially if we are talking about short sales. In San Marino and South Pasadena, it’s much shorter to close. The mortgage interest rates are attracting so many investors and there’s bidding wars!!
Stay tuned to hear about seasonal and electoral changes affecting consumer confidence and financial markets. Roycroft Realty will most every week as quarterly reports are great from general news sources and from our economists, we all want more communication.