It time again for a check of the pending sales. [For those readers who have not been following along with this exercise (see 30 days later), I have been tracking the pending sales that went into contract by April 30th (the contract date deadline specified by the First-time homebuyer’s credit) in order to see how many close by the closing date deadline, which was originally set to be June 30, 2010, but now looks to be extended to September 30, 2010.]
On May 1st I recorded 2,220 pending transactions. Today we revisit those pendings….
The good news is 873, or 39 percent, of those pendings have sold. The bad news is 18.5 percent of those pendings have either re-entered the market or have been withdrawn altogether.
And that leaves 937 properties, or more than 42 percent, that are still pending – one day after the original expiration date of First-time Homebuyers Tax Credit. I say “original”, because as you have probably heard by now a bill extending the tax credit closing date deadline is sitting on the President’s desk waiting to be signed into a law (see Home Buyers Get Tax Credit Closing Extension). Buyers who were in contract by the April 30th deadline, now have until September 30th to close.
Looks like I’ll be tracking these remaining 937 pending to see how they fare during the next ninety days.
| June 1st – 30 days later | July 1st – 60 days later | |
| Sold | 20.9% | 39.3% |
| Withdrawn | 5.4% | 10.0% |
| still Pending | 67.0% | 42.2% |
| Back on Market | 6.7% | 8.5% |
smarten
Thanks for the update Guy.
But what about the total number of pending sales [not just the 937 out of the original 2,220] as of June 1, 2010?
I think 39% of all pendings closing within thirty days is pretty good. But since we don’t track this number on a month-by-month basis as you do with other stats, I guess we really don’t know.
Now I would expect from all the chatter as to how the number of sales have dropped dramatically this last month that the number of pendings on June 1 would be a lot lower than 2,000. But I don’t know what you’re going to report [and if it’s back up to over 2,000 then maybe, just maybe…]