Kenmore Home Sales – November 2009 vs November 2008
Overall, November 2009 Was Better Than Last Year
Last November was a dismal time for home sales in Kenmore. As a Realtor®, I didn’t have a lot to be happy about: the market was plunging into a deep recession and there was a lot of anxiety about the economy. If you take a look back on my analysis then, the numbers were pretty grim. As I wrote:
November 2009 Statistics
Home sales are still lethargic here in Kenmore; however, they are up from last year. Where we see some positive movement is in the number of pending sales and the significant drop in the current active inventory. Let’s take a look:
Active Listings
Today the active inventory of single family homes in Kenmore is 31% lower than last November. This is a far more healthy environment for both buyers and sellers. Over the last several years, home owners have been forced to either take their homes off the market or lower their prices to better reflect this challenging market. Now, buyers have fewer choices; however, it’s far easier for them to make offers to sellers who are serious about making a deal.
Pending Sales
Last November there were only 19 pending sales which was a clear indication that December and January were going to be a bust (and they were). This year pending sales have grown 41%: from 19 to 46. This reflects a far healthier market than one year ago. My only concern is that 25% of the pending sales are distressed or bank owned properties which tend to be difficult transactions.
November Sold Homes
Kenmore has not seen a huge growth in the number of sold homes as compared to last November. Certainly, a 30% increase in sales is a good thing, but only 5 more homes were sold than last November (17 this year versus 12 last November). One interesting fact to note is that both this year and last year, the days-on-market for sold homes was 45 days. This means that a well-priced and presented home doesn’t take forever to sell, even in difficult times.
We are now quickly approaching the Christmas Holiday slowdown in the real estate market. It will be interesting to see how this whole year turns out. It was definitely better than 2008.
