Market Statistics for July 6, 2009

The number of closed short sale transactions county-wide actually increased this past week to five (normally we only have one or two). Not too many other differences though.

• Number of active listings county-wide was 1,788
• Number of active Silverdale listings was 77
• Number of new purchase contracts written was 44 (one short sale and seven foreclosed properties)
• Number of closed sales was 64 (five short sales and six foreclosed properties)
• County-wide absorption rate was 27.9 weeks of inventory for sale
• Silverdale absorption rate was 19.3 weeks of inventory for sale

You may have read or heard that our markets are "picking up" since the number of pending sales has increased. Baloney! Last November the Northwest Multiple Listing Service (NWMLS) had one category of pending (pending) now there are four (pending inspection, pending feasibility, pending backup (offer) and pending). This has resulted in an artificial increase and double counting as it's normal for other three pending type to move to pending when the buyer and seller negotiate the inspection results or decide they don't want to entertain a backup buyer's offer).

Watch out for this type of stuff!