While “closed” home sales are still quite low, June saw the highest number of pending home sales since June of 2017. There were only 6 home sales but 18 homes went into escrow.
For Sale vs. Sold vs. Pended
About the For Sale vs. Sold Report
- For Sale numbers are the snapshot of the number of property for sale at the end of the month.
- Pended numbers represent the number of properties that went into the “pending” status for that month.
- New Listing numbers represent the number of properties that are new listed for that month.
- Sold numbers represent the number of properties that are sold for that month.
What Does For Sale vs. Sold Report Do?
- It helps determine the trend of market supply and demand.
- It helps determine whether the current market is a seller or buyer market.
- It helps determine the minimum length of the listing period.
- It helps identify which price range the majority of the properties are in, within a given area.
- It helps focus on where the buyer’s activities are and the market condition in those areas.
How to Use For Sale vs. Sold Report?
- Use with Average Price Per Sqft Report to set competitive listing price.
- Use current inventory level to determine market condition. The current inventory level is derived by dividing the monthly listing number by the monthly sold number which is shown in Months of Inventory graph. As a rule of thumb, an inventory level of less than three indicates a strong seller market while an inventory level greater than six indicates a buyer’s market.
- A downward trend of listing inventory and an upward trend of the number of properties sold indicates the seller is in a better negotiating position.
- An upward trend of listing inventory and a downward trend of the number of properties sold indicates the buyer is in a better negotiating position.
You Should Know
- The properties sold figures are derived from recorded transactions.
- Current monthly sold figures might be adjusted upward on the next month’s report. This is to account for any closed transactions that are reported late.