Monday, September 28, 2009

Why Are Pending Sales Dropping?

Why Are Pending Sales in Santa Clara County Real Estate Dropping? First let’s look at the numbers. Active (for sale) single family homes in Santa Clara County have dropped from 2,200 to 2,100 this week while pending sales (sold, not yet closed escrow) have also dropped from 2,900 to 2,800. So what’s going on?
The answer is actually pretty simple. When you have more homes pending than active, sooner or later the pending sales actually close escrow. When they close escrow, the pending number goes down while the “sold” number rises. So don’t panic, there’s not another swing in the market. It’s the natural course following a market shift. The reality is that there is still an undersupply of homes on the market right now which is causing multiple offers on many properties. -Gary Nobile, Realtor (408) 247-4029

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