Back in the day when there weren’t loads of short sales, we used to compare the actives to pendings to get a read on the relative ‘health’ of the marketplace.
With banks pushing harder to close the short sales (though the timelines are still uncertain), and because the buyers who have secured a short sale have hopefully done so at an attractive price making it more likely for them to hang around, let’s add the listings marked ‘contingent’ to the pending category:
Here’s our scorecard, historically, of the ACT/PEND ratio:
0-2 Hot market
3-4 Regular market
5-6 Market in trouble
7-8 Too many choices
|Town or Area||ACT||PEND+CONT||A/P+C|
There were days that RSF and La Jolla were 10.0+. Can we call it relatively healthy now?