I have to admit I was starting to get optimistic about where the real estate sales numbers were headed. I thought we may see a little stronger number in May than we did. May's closings for the Goleta, Carpinteria, Santa Barbara and Montecito areas were 105.
With 111 closed transactions and what I perceived as a reasonable number of open escrows in April, I thought the number of closings in May would match or beat April. I was wrong, not the first time and certainly not the last time.
What will happen in the coming months? What happened to all those open escrows we had been seeing? Those are just a couple of the questions that come to mind regarding what's going on.
We are still experiencing a pretty active number of sale escrows opening. This would lead me to believe that the closing number could start rising soon, unless the number of cancellations is going to increase. More wait and see as far as what might be in our future.
The escrows we do have open seem to be hanging in there. The cancellations don't seem to be any higher than usual and I haven't heard about any real issues that would make me think that they aren't going to close. I do believe we are working harder on each escrow and they are certainly taking longer to get to the point of closing.
Why do I think the number of closings is a big deal? I'm a simple guy and supply and demand is the answer. As soon as we see the number of sales begin to increase is when the demand is building and that is when the prices will begin to increase again. Just my opinion!
So I ask you, take a look at the Market Trend Chart on our website and tell me what you think might be going on?
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1 comment:
Having patience is the key to a successful short sale.
Boise real estate
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