Tuesday, May 15, 2007 - Cheverly Market Update and a Little History

Whatever a "normal" market is, we sure aren't in it! The Spring market is usually more robust than this, even in a buyer's market. This year, buyers seem to be holding back, taking a wait-and-see attitude while at the same time, sellers are pushing the envelope on their asking prices.

The Cheverly real estate market is lagging behind last year in the number of contracts written. 34 last year and only 29 so far this year. We're slightly above last year in number of listings coming on the market -- 40 last year and 43 this year. These numbers reflect listings and contracts for January - April 2006 and the same time period for 2007.

Most agents track and report on the number of houses that settled in a particular month. I find that tracking the number of contracts written in a month is a more accurate way of assessing market trends -- the National Association of REALTORS(r) calls it the Pending Home Sales Index.  A sale is listed as pending when the contract has been signed and the transaction has not closed. Pending sales typically are finalized within a month or two of signing.

For a more in-depth analysis of the market, send me an email at CheverlyMarketReport@SusanPruden.com and I'll send you a 4-page report on the Cheverly market since 2002 and how we got where we are today. As usual, if you request this report, I won't send you anything but the report and I won't share your email information with anyone.  

(C) Susan Pruden.

Friday, May 25, 2007 - re: Cheverly Market Update and a Little History

Very interesting article, i liked it...keep on posting.