More useful links from our good buddy Reno Ignoramus:
Townhome won’t sell, owners don’t get it. read
Housing crash tracker with cool charts. read
No problems here, buy my house. read
How many of these guys live in Reno? read
An imaginative take on an unimaginative metaphor. see
Delete Orlando, insert Reno. read
The stock market and real estate connection. read
Reversion to the mean happens in housing, too. read
Liar, liar loans on fire. read
Broker business drops dead. read
Diane CohnA creative strategist, Diane uses every angle she can to get the best deal possible for her clients. “I know the market. Trends, numbers, what’s happening on the street. I use it all to my client’s advantage,” she says. Diane earned her BA from the University of California and is an accredited ABR, SRES.
Guy JohnsonA successful prior business owner, Guy brings to the table twenty-plus years of exceeding client expectations. “Listening closely to my clients is the most important step to meeting their needs,” he says. A former Chicagoan, Guy earned his MBA from the University of Illinois.
JoAnn CorrieraJoAnn Corriera is one of Reno’s top-producing real estate agents. She credits her take-charge, pioneering spirit and determination to deliver the positive solutions clients are looking for. JoAnn offers the market expertise and marketing skills that generate top results whether clients are buying or selling.
Mike McGonagleAn architect, business owner, and compulsive public records hacker, Mike reads the tea leaves of the local real estate market from a unique perspective. Yet another Chicagoan, Mike earned his MArch from Harvard University.
2 comments
“Lower pending contracts in August should lead to weaker existing closings in September and October, as contracts precede closing by 30 to 60 days.”
MarketWatch
September 29, 2006
I believe that’s what I said a couple of days ago. The only leading indicator of a market is the pendings:listings ratio.
The fact that listings are down (or up), by itself, is not very meaningful information. If listings drop, but the pendings:listings ratio does not change, then we know that pendings have dropped also. In such case, a lower listings number does not signify a healthier market.
Is a market with “only” 4500 listings and 360 pendings any more healthy than a market with 6000 listings and 480 Pendings? No.
Right now, the pendings:listings ratio in the Reno/Sparks market is dismal. Except for the cheapest segment of the market, the under $300K range (which is growing as many sellers lower their prices below the $300K mark) the pendings:listings ratio indicates there are YEARS of inventory. It is ugly.