Inventory trending down. I started tracking actives in pendings about 1 year ago and have all the historical data on a weekly basis. The active listings are down over 50% while the pendings (In Escrow) are up 25%.
I believe the surge in pendings is from buyers running out of time with the start of the school year a month away. I also believe we are seeing homeowners digging in for the long haul as they are no longer willing to sell at current market prices. This should only increase and we will be come a market driven and dominated by distress sales.
