# New Price Drops # U/C # Sold Median $ of Sold
30-Apr 166 142 125 81 $       317,900
7-May 182 170 141 90 $       294,700
14-May 211 170 126 46 $       301,950
21-May 220 169 140 92 $       275,950
28-May 167 165 137 66 $       272,450
4-Jun 213 204 131 141 $       324,500
11-Jun 210 198 155 74 $       296,400
18-Jun 222 191 125 94 $       339,950
25-Jun 178 223 131 100 $       339,900
2-Jul 163 158 132 150 $       299,000
9-Jul 157 181 102 81 $       332,900
16-Jul 187 197 121 93 $       289,900
23-Jul 166 211 95 92 $       334,450
30-Jul 149 189 109 110 $       278,950
6-Aug 155 197 106 144 $       312,450
13-Aug 161 202 105 84 $       319,975
20-Aug 178 187 120 79 $       345,000
27-Aug 156 163 113 88 $       317,475
3-Sep 138 173 112 103 $       285,000
10-Sep 112 139 100 63 $       284,900
17-Sep 163 159 114 63 $       317,000
24-Sep 143 152 112 74 $       314,500
1-Oct 125 160 87 128 $       259,900
8-Oct 136 173 116 71 $       300,000
15-Oct 129 170 102 63 $       352,750

 

Here we are midway through October and activity in the market still continues to surprise me.   The number of properties that go under contract each week has been fairly consistent in the low 100’s over the past few months.  One thing I have been noticing is the high number of homes that fall out of contract.  Since late April an average of 118 properties go under contract each week at the same time an average of 90 properties close each week.

What happens to the 28 properties which go under contract but never close? There are any number of hurdles in a real estate transaction but they include; buyers remorse, inspection issues, appraisal issues and loan issues.  Each transaction has its own challenges but from my chair it seems more difficult than ever to get from contract to closing.  In fact, since April nearly 24% of all contracts have not made it to the closing table.

Picture a real estate transaction as a big rubber band held at one end by the seller and at the other end by the buyer.  A normal transaction has a little give and take but the rubber band has enough slack on one side or the other to keep the band from snapping.  Right now, it seems like buyers and sellers need to stretch their side of the band to the max in order to just get the initial contract together.  If something comes up on the inspection, there is no more elasticity when the buyer wants a bit more and the band snaps.  It seems like each transaction is formed on the precipice and it is a high wire act to get to closing.  People definitely need a professional on their corner to help stretch it to the closing table.  I’m here for you.

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