Monday Morning Numbers 6/1/09

It's June already? For real? Yikes. Let's take a look at our market numbers for this week:

Active Listings: 87
Contingent Listings: 40
Pending Listings: 65 (33.9% of the inventory)
Price changes for the past week: 4 (3.2%)
Click here for the up to date price per square foot chart.

We're continuing the recent trend of declining inventory this week. If you would have told me a year ago that we'd be at 87 active listings today, I'd have told you that you went to one too many Dead shows. Pending and contingent listings are pretty close to last week's totals.

I'm not going to make a change yet in the way that I calculate our months of inventory, but I've been toying with the idea of not adding the active and contingent listings together for that calculation. The way I've been calculating it, we are at 5.8 months of inventory this morning. If I take the contingent listings out of the equation, we have 4.0 months. We've seen a big increase in the contingent listings over the past 6 months, as inventory has thinned and short sales have taken a bigger market share. I include contingent listings because they are still technically active, being marketed for backup offers, and because they historically have had a much lower closing rate. I haven't tracked the numbers on them, but it sure seems like fewer of them are falling apart these days. And the ones that do don't come back on the market as often. I'll chew on it.

I'm not sure if I'll have a post later this week. I'll be up in Sacramento for the California Association of Realtors business meetings for a few days. If my schedule allows and something comes to mind for a good topic, I'll post something from up there.