Good news for inspectors. Pending home sales indicator going up

Screenshot 2024-02-29 at 8.50.35 PM


This is really good news for inspectors.

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I don’t know about state side, but in Montreal Quebec Canada, I am booking more inspections than I have for quite some time.

Don’t tease me Nick

That is good news… unfortunately in our area we are seeing a slow down in new construction. I had an investment banker client a couple weeks ago tell me that a major local project was being held up due to FPL not being able to supply the transformers for the development.

It’s been busier for me here in Richmond VA, but I’m suspicious of it. Hard to tell for sure why. I ramped up marketing efforts back in December, which might be playing a role. Some internet sources are hard to pin down to exactly where they originated.

The data doesn’t show a busier market. In fact, our pending sales are down about 10% YoY according to Redfin. I don’t have data on how many people were waiving inspections the past few years versus now. That might be increasing demand for us if it has died down. Another thing I can’t pin down is how many competitors left the business. I know that license count in our state is down 13% since February 2022. Likely more than that threw in the towel, but their licenses haven’t expired yet.

The competitors I have talked to all claim to be notably busier this year too. Whatever it is, I’ll take it and I hope it continues.

@gromicko Will you explain what exactly I’m looking at in the graph? What is the green line and the purple line?

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I don’t think that is correct. It’s sales that are down, not pending sales. Only I (InterNACHI) has the data on pending sales. No one else does.

I’m pulling that from the Pending Sales tab on Redfin.

I looked at it again when you commented. Got another week’s worth of data showing that pending is only down about 3% now and home sales are up 3%.

It always goes up in the spring.