Monday, July 3, 2017 / by Brian Ness
Monday, April 3, 2017 / by Brian Ness
Lets take a look at the real estate market. Currently there are 340 sales pending in the market overall, leaving 301 listings still for sale. The resulting pending ratio is 53.0% (340 divided by 641). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!
The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $100K - $200K price range has a relatively large number of contracts pending sale.
We also notice that the $300K - $400K price range has a relatively large inventory of properties for sale at 66 listings. The median list price (or asking price) for all properties in this market is $338,375. ...