Unlike closed sales, which typically reflect contracts from 30-60 days ago or more, pending sales are a good measurement of current demand.
If I were to go out and buy a house today, it would be marked in the MLS (Multiple Listing Service) as a pending sale, but it might not close for weeks or months. Regardless of when it actually closes, that sale is a reflection of today’s demand. Pending sales tell us what’s going on in the market today.
Bullhead City pending sales hit 2.5 year high in June
The following chart shows the number of pending home sales in Bullhead City each month for the last several years (you might want to click on the chart to open up a larger version):
Bullhead City pending home sales hit 2.5 year high in June
As you can see, the big blue line for 2009 moved above the lines for 2007 and 2008 back in March.
There have been more pending sales in each of the last four months than the same period the previous two years. The June mark of 137 homes is the highest since November of 2006.
This increased activity bodes well for the Bullhead City market, which is sitting on its lowest inventory in over three years (742 homes).
It will be interesting to see how the rest of 2009 plays out.
The big month for closed sales so far this year has been May. Note that 28 of the 77 homes sold in May went pending in March (see big spike on chart above).
Judging by the even bigger spike in June, and depending on the timing and number of sales that fall out of escrow, there might be a bigger month coming up in the second half of the year.
So what do you think?
Will home sales continue to climb? If so, what will that mean for prices?
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