This is a report that shows the number of homes for sale, sold and pended in the FMLS system over the last 6 months.
Pending sales are a strong indicator of the housing market as it shows the number of contracts out there that have not yet closed but are expected to. You will see that we have increased pending contracts almost every month from October of 2011 to April of 2012. This shows increased confidence in the housing market, which is also helped by historically low interest rates.
The number of listings, or homes for sale, have stayed the same in relative terms. So, the months of inventory have decreased, meaning that if you put your home on the market today, and no other homes come on the market, it would take 3.9 months until your house went under contract.
If you look at the number of homes for sale in the chart, you will see that we are up in the number of pendings and sold over 6 months and in one month from February to March of 2012.