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Hereit is the first of October and the September Market Activity Results for theBay Area are posted to our website, www.BayAreaMarketMetrics.com. When we made the decision to provide market activity reports one of ourrequirements was that the data be available immediately at the end of themonth.  Our commitment to you is to havethe reports on our website by the second business day after month end.

Whileon the topic of market reports, The National Association of REALTORS® reportedthat Pending Home Sales were up for the seventh straight month.  NAR maintains what is called the Pending HomeSales Index and it stood at 103.8 up from 97.6. This is the highest readingsince July 2007. A reading of 100 is equal to the sales activity level in 2001.

At the regional level, pending home saleswere up in all four areas of the country, in both monthly and annualcomparisons.

The West saw the strongest growth, with pending home salesup 16 percent from the previous month and 22.3 percent from a year ago, to an indexreading of 130.5.

All of this iswelcome news because the rise in pending home sales shows buyers have returnedto the market and signing contracts, but sales are taking longer to close andthere is more than the usual amount of fallout because of long delays relatedto short sales and issues regarding complex new appraisal rules and recentlychanged disclosure requirements.  Iimagine many first-time buyers are rushing to beat the deadline for the $8,000first-time home-buyers tax credit, which expires at the end of November.

From what we see inthe market everyday is a housing recovery that is strong at some price pointsand weak in others.  In other words, it’slikely we’ll encounter some bumps and detours along the road to recovery.

A recap ofSeptember’s market activity reveals that the median price has flattened thepast couple of months except in Alameda and Contra Costa counties where the mediancontinues show strength.  Also, thenumber of closed sales has fallen, however the number under contract showscontinued strength.  This is likely dueto the factors already mentioned, i.e., delays with short sales, complex newappraisal and disclosure rules.

In all cases, thedays on market and supply of homes for sale are at the lowest point in pastyear.  Take a look at the comparisons inthe easy to read graph format at www.BayAreaMarketMetrics.com.  You may be surprised at what you see.  Reports can be customized to cities or neighborhoods,home size and price range.  For a custom report,just send me an email, russ@bayareateam.com.

Keep in mind,the market is very competitive under $900,000.  As a buyer or seller you want to be armed with information, have reasonableexpectations, and be represented by a knowledgeable and experienced agent.  An agent who welcomesyou as a client, values your business AND, an agent who is well qualified tohelp you navigate successfully through the process.

Tobe successful in this market a buyer needs to be represented by thevery best agent, an agent that welcomes you as a client, values yourbusiness AND, an agent that is well qualified to help you navigatesuccessfully through the process.