Kenmore Undressed

Statistics: July in Kenmore, Lazy Days of Summer

The real estate market in Kenmore is ending in much the same way the weather has: cool and uninspiring. Please keep in mind that homes have been selling; however, the days on market for solds have risen to 113. Fully 26% of the sold homes are new construction. The good news/bad news statistic is that homes are selling at 92% of list price. This means qualified buyers are in a good negotiating position. It also means that sellers need to be more aggressive in their pricing. So here are some reports for you to ponder:

There is still a large inventory of homes in Kenmore. Many of these homes have been on the market well over 100 days.

The important thing to keep in mind regarding “pending” sales is that they represent the level of actual sales activity in a given month. The chart above illustrates that 18% of the available homes are in the process of selling. This percentage or absorption rate isn’t encouraging. We have 8 months of inventory on the market.

Now the chart above shows the total number of sales in the last 3 months. And the next chart shows closed sales in July:

As you can see, 17 sold homes sold this month. Not exactly a brisk market. I have no reason to believe that August will be more active. There remains a lot of uncertainty in the marketplace and with the election looming, I don’t expect the end of 2008 to be a banner year.