Twin Cities Pending Sales Activity - Set to Peak in 6 Weeks?
I’ve been paying close attending to the pending sales activity from the Minneapolis Area Association of Realtors. They publish this excellent report just about every week of the year.
You can see by the chart below that pending sales activity has been ticking upward since the second week of Janaury. Remember, pendings sales are homes that have contracts on the home but they have not yet closed. Contingent sales do not count towards pended contracts.
What’s interesting to look at is to see when the pending sales activity peaks. It seems to peak in mid April and perhaps goes as long as the first or second week of May and then we start the long slide downward towards the bottom in early January.
Closed sales usually peak in May or June because of the lagging effect between the time a home pends and when it closes.
In other words, we are presently in peak selling season right now through the next 4-6 weeks. It doesn’t mean we won’t be able to sell homes after May 15th, but if history is our guide, the overall activity will start to slow.
Click to enlarge:
This chart above may be a little difficult to read. If you’d like a better view of it, you can launch the pdf and view page 3 for the pending sales activity.
One Response to 'Twin Cities Pending Sales Activity - Set to Peak in 6 Weeks?'
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on March 26th, 2008 at 9:06 am
That’s a good analysis John… and something definitely worth discussing with sellers!