Saturday, April 24, 2010

Pending Listing Review

This data article provides information about Pending listings in the Southwest Multiple Listing Service. A detailed look of Pending listings from January 1, 2009 to present will identify what percentage of listings actually go to closing, how long the typical listing stays under contract and what parts of the Greater Albuquerque Market Areas see the most pending activity. 

The Southwest MLS definition of a Pending listing is when, “A purchase agreement has been accepted by the buyer and seller to execute the sale of real property.“ A Pending listing is also referred to as being “under contract”.

Data use for this article: Residential, single-family detached listings in the SWMLS coverage areas that were reported as Pending from January 1, 2009 through April 8, 2010.

Chart 1: Pending home sales reported in 2009

Summary and analysis of Chart 1
Chart 1 shows that of 87.78% of all Pending listings in 2009 actually went to closing. The remaining 12.22% of the listings were placed back on the market, cancelled or were assigned different status in the MLS.

Chart 2: Pending listings currently in the MLS database as of April 8, 2010.

Summary and analysis of Chart 2
Chart 2 provides a summary of existing Pending listings as of April 8, 2010 by county and city. For county, the data shows that listings in Santa Fe and Torrance counties take a little longer to go to closing than counties in the ABQ Metro area. Overall, it takes an average of 73 days for a Pending listing to go to closing. Pending listings for Albuquerque appear to be closing faster than the overall average by 8 days.

Source: Southwest MLS, Inc. Information deemed reliable not guaranteed. 

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