Here are the MLS numbers for this week. 

6117 Homes for Sale
8520 total properties listed in MLS (not counting land).
348 closed so far in January.
1718 Pending Properties in MLS.

We are continuing to find that buyers are gravitating more toward resale properties and have had good success (in the absence of the usual bulk of Foreclosures being listed) of selling non-short-sales.  We still have much more work to do for our sellers who have not obtained a contract; the market remains very challenging.

My Team is getting nearly 100% of our short-sales approved and about 70% of our seller's fully released at closing.  These odds are way beyond average in this market.  We're spending a lot of time coaching other agents on why their buyers should buy these properties as well.   (There are obviously, uncontrollable exceptions to any circumstance in today's market). 

For all properties, it's price driven.  Each price reduction continues to bring more online and, in most cases, real traffic.  And, if you're not in a short-sale or facing foreclosure, then if you're the best priced home, you are GOING TO SELL.  That's what we find - it's very price driven, unfortunately due to the remaining high inventory. 

Regardless of what you read, the market is not improving.  It is declining in value yet stable in fundamentals.  What I mean by that is that prices are still falling, because the economics are not in favor of price stabilization (this is ALL SUPPLY AND DEMAND), but the underlying conditions are better than in late 2008 and most of 2009, and have been steady since early 2010; meaning, fundamentals haven't improved much, but they are not getting any worse.  This is the glimmer of hope we all need that has sustained for more than a year now.  What's remaining to repair this market?  Burn off supply. 

Supply will increase to over 9,000 this Spring and Summer and will be below 8,000 throughout 2012.  If these trends continue, I believe this will stabilize the prices in 2012, so that appreciation can begin again in 2013.  We still have a long road ahead of us.

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