Single Family Market
Both the number of properties hitting the marketplace and the number of properties coming off the market (pending) increased in February 07. As you can see from the graphs below, we should be facing a steady increase in volume of properties, but much of the focus will be on the volume of properties taken off market. If you look at 05, there was a steady increase of properties taken off market from February through September and a decrease from October through January (which is the norm). However, if you look at the same period in 06, the increase was much less dramatic compared to the same period from the previous year. Remember, last year was when there was most talk of the real estate bubble supposedly bursting. So the obvious question will be whether we are out of that worrisome phase.
When comparing data from 05 to 06, we can see the following differences: 1) the total volume of properties coming onto the marketplace was again higher from March 06 - February 07 (33,018) versus March 05 - February 06 (23,360) or an increase of 41%; while during the same period the volume of homes sold during March 06 - February 07 (11,703) versus March 05 - February 06 (15,076). The March 06 - February 07 had a pending/list ratio of 35% while during the same period from the previous year, it was or 65%, or a decrease of 54%.
Steve Mun, Silicon Valley Realtor
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