Preliminary End-of-Month Numbers for Kenmore: Home Sales Slow
October home sales in Kenmore were simply dismal. This wasn’t unexpected given the downward trend this year. One positive trend was the modest drop in inventory:
As you can see from the chart above, the inventory of homes has dropped to 176. Generally, we have seen an inventory hovering around or above 200. Some of this reduction has been due to sales; however, the majority of homes left the market as cancellations or expired listings. The current economic conditions in the financial markets have slowed home sales significantly. I would like you to consider the following:
- Sold homes: Only 13 homes sold in Kenmore last month. Average days-on-market were 152. These homes sold at 93% of the original list price.
- Pending Sales: Pending sales in October were equally as lethargic. Only 18 homes went pending in October. These homes are pending at 92% of their original list prices. Here’s a disturbing fact about this category: 39% of these homes are either bank-owned or short sales. Basically, they represent what may be a growing trend in home sales as we approach 2009.
As November rolls out, we should see more data regarding sales in the region as a whole. I think there are a lot of Americans who are holding their breath, awaiting the results of the Presidential election. Also, I’m waiting to see how the lending institutions proceed with the huge lump of cash the American people dumped in their coffers. Already there are concerns that they have been less-than-candid about their intentions to actually LEND this money.
I don’t generally do this but, I would encourage you to call me if you have any intention of buying or selling real estate in the near future. In today’s market, you need to plan carefully with a professional team committed to your success. Please don’t hesitate to contact me at 206.713.2102 if you have any questions.
