Blackhawk February 2010 Market Update – Trending Up

Pending sales of single family homes in Blackhawk took a big jump in February while inventory remained largely unchanged. Pending sales also rose in January off December’s low of only three. The pending sales increases came in both the under $1 million and over $1 million market segments, while the majority of inventory is in homes priced over $2 million.

Overall, there were 14 pending sales at the end of February, up from five in January and three in December. The inventory of single family homes remained relatively unchanged at 47 in February, compared to 48 in January and 46 in December. 85% of the inventory in February was homes priced over $1 million. The same was true in January and December. The increase in pending sales reduced relative inventory levels. At the end of February, there was approximately 3.4 months of inventory, down from 9.6 months in January and 15 months in December.

All Blackhawk Single Family Homes
Inventory Vs Pending Sales Feb 2010

Five of the pending sales were homes priced under $1 million (36% of all pending sales). There were only two pending sales in this segment at the end of both January and December. Inventory in this price range remained very low, with only seven homes on the market at the end of February, compared to eight and seven at the end of January and December, respectively. There is now only 1.4 months of inventory of homes priced under $1 million, compared to four months in January and 3.5 in December.

Blackhawk Single Family Homes Under $1 Million
Inventory Vs Pending Sales Feb 2010

Pending sales of homes priced over $1 million increased to seven in February, up from three in January and one in December. 42 homes were for sale in this price range at the end of February, which was 85% of the total in Blackhawk. There were 40 homes for sale in this segment in January and 39 in December. Again, with inventory mostly unchanged and pending sales up, relative inventory fell. At the end of February, there was approximately six months of homes available priced over $1 million, compared to 13.3 months in January and 39 months in December.

Blackhawk Single Family Homes Over $1 Million
Inventory Vs Pending Sales Feb 2010

With two consecutive months of gains in pending sales, things are trending upwards in Blackhawk. Pending sales levels are the second highest we have seen in the past 18 months, topped only by the 18 in August 2009. There is plenty of inventory in the over $1 million market but it is getting tight in the under $1 million segment.