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It is Monsoon Season after all and we weren’t quite as absorbent in August as July. But still at the 6 month inventory level for “normal” .
I ran a check a few minutes ago of the number of closed transactions for August 2009. At time of the report pulling date there were 980 entered into the system. Now there are 994 and it isn’t impossible to believe there will be another 6+ sales entered for August before it is all said and done.
Those additional sales entered take the rate from 6.18 months of inventory to 6.09 months.
One other little thing I’ll mention. I’ve thought about removing the XSW, XS and XW from the report. XSW is Green Valley and XS is Saharita. Not actually a part of Tucson but in the Tucson MLS system. You will notice two of those areas have the highest months of inventory. A couple of times I ran the numbers with and without those areas included and there wasn’t a real significant change in the results. This month it is enough to tip it from 6.09 to 5.91 months without those areas included. Still not a significant change but one I thought worth mentioning.
It is a good absorption rate for one of the slowest months of the year. Especially with the focus on “Cash for Clunkers”. Drawing national attention and dollars.
I hope no one who qualifies for the $8,000 first time home buyer tax credit spent their down payment on a new car instead of using toward the purchase of a home. Right now I wouldn’t bet on an extension of this tax credit. All Sales must be completed by Nov. 30, 2009 when this credit expires.
We are a third of the way through Sept. already. I’ve been busy with a lot of end of summer things and increased activity in our own business has kept me away from research and analysis. I’ll be taking an in depth look at the progress of September this weekend. The strong Pending Contracts in August should translate into strong September numbers. We shall see.
Have a Great Weekend.
