The turning tide....................

So, you may remember my prediction in July about the changing real estate market. Well friends, the National Association of Realtors published their month end report and there is some very good news. Before I give the statistics, let me point out why these measurements are important.

Most media report existing home sales (transactions that have closed) and we all know this year has been a slump. But what we really want to know is how many "pending" transactions occurred last month? That means how many properties are under contract and expected to close within 30-45 days. That shows us projections for home sales.

Second, we want to know how much the national supply of listed properties has changed. Has it dropped or increased? And how many months supply of listed property are available. This means if we were to list no other properties starting today, how many months would it take for the current inventory to deplete.

Third, we want to know what type of buyer is writing a contract to purchase a property. What is the make-up of the buyer profile?

Now for the statistics:

Pending sale transactions are UP 5% from last month! That is the largest monthly gain in over 3 years!!!

The national supply of listed properties has dropped 4.2%. While we still have an 8.8 month supply of listed properties, that's way lower than the 15 year high set in May '07.

And the majority buyer profile is no longer families with children. The majority of buyers in this market are singles, single parents, unmarried couples and co-residents with children.

These are exciting statistics and I'm happy to bring them to you. It shows in black and white and graphs and percentages the upswing in the market. It's not speeding along, but it's clawing it's way back.

Have a great Thursday!