July Pending Homes Sales Rebound and July Monthly Market Report

According to the National Association of REALTORS pending homes sales jumped for the month of July and have continued to increase for four of the last five months and states all major regions experienced healthy gains except for Midwest which saw a slight decline. Marion County saw a slight -2.2% drop in pending contracts for the month, but “closed sales” were up 17.7% and I expect to see the trend in pending contracts start to increase in coming months as kids go back to school and months start to cool off, hopefully. Our biggest hurdle, in todays market, is “new listings” which in July 2014 were 6.7% compared to this same time last year and “inventory”(Active Listing) is down 2.7% as well.

We are now at what many experts would call a balanced market because our numbers show we are at a 6.2 month supply. This means that if agents did not list anymore properties, it would take approximately 6 months for all inventory to be sold based on the current closed sales.