February shaped up to be a spectacular month for pending sales volume! High pending sales coupled with lower active inventory resulted in marked improvements of the Months of Inventory and the Absorption Rate ratios. With pending sales double that of February 2010, the numbers clearly reflect the buzz we have been feeling and seeing in the marketplace.
February’s numbers do show lower sales prices, however, when one factors out the bank owned and short sale properties, sales prices have remained very stable. As the activity we are seeing on non-distressed properties continues to increase we will likely see the average sales prices increase somewhat to more truly reflect the mainstream marketplace.