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February 5th, 2008 12:31 PM by David W. Welch
Super Tuesday is here at last. I am very interested in seeing the response in the markets to the results today. Quite often buyers tend to wait and see during election years, but this has already been a very long race. I am hoping some will decide to make moves now rather than wait. We voted here in Florida to approve Amendment 1 which changes our property tax situation. The number of pending sales has gone up considerably in the last month. The MLS was showing 1,769 pending sales just a little while ago, and that is up from around 1,500 at the beginning of the year. I am concerned though because closed sales for January appear to be way way way down. I am counting only 758 recorded so far with a median price of $221,500. One number that may be hidden is the number of short sales with outstanding contracts. The banks are taking forever 6-16 weeks to sign off, so many short sales with buyers are still showing as active. I expect many of these will close toward the end of the quarter as banks try to end their fiscal quarters.