Karen Thompson & Rhonda Thomas Thom Thom Team, GRI, CDPE, Realtor

Pending Sales are up in Jan. 2012, according to the newly released report by NAR (National Association of Realtors). It is the highest it has been since April 2010, which was when the First Time Homebuyer Tax Credit was still in place.

The Northeast area rose 7.6 percent to 78.2 in January, which is 9.8 percent above January 2011.

The Midwest declined 3.8 percent to 88.1 but is 10.8 percent above January 2011.

The South increased 7.7 percent to an index of 109.1 in January and is 10.5 percent above 2011.

The West fell 4.4 percent in January to 101.9 but is 0.7 percent above January 2011.

So overall, the Pending Home Sales are up 7.2%. Keep in mind that pending is just that......they are not yet closed deals, but many of them will be. That will help increase our Existing Home Sales statistics very soon.

The report also states that inventory is on it's way up. Thank goodness for that. There just doesn't seem like there is enough out there anymore, at least in the Denver area anyway, from which to choose for potential buyers.

I think this is a positive sign for the real estate market.

Active listings in the Denver Metro area were down by over 40% in December 2011, from the previous December. See the report below from the Denver Metrolist. That to me would indicate that the sellers may have more leverage than they did previously. Could it be that it was just the time of year with the holidays and all? Probably not, since December in the previous year was also "that time of year" right?; obviously :), so that really shouldn't matter. What would make more sense is that perhaps many homeowners have decided to hold onto their homes, if at all possible, since the majority of them are probably overencumbered and owe quite a bit more than what they could get from a new buyer. If you are a seller that has built up plenty of equity over the years, this may be as good of time to sell as any time approaching in the coming year. If you would like to check out your options, please contact me for a professional opinion, with no obligation.

NAR publishes a very nice report on many of the major cities throughout the U.S. Here is just a sampling of some of those cities:

For a complete report from NAR (National Association of Realtors) showing all the major U.S. cities click here.

This report indicates some areas are looking better than others. Median rices still remain much higher on the West Coast in the L.A. area, although it is down by over 5%; no surprise there. Chicago looks like it still has a long ways to go with median prices down 11%; ouch!! Total listings are still way down; we need more inventory to choose from for sure.

The latest statistics from NAR (National Association of Realtors) below, shows trends for the different sections of the United States and now indicates that the highest median price for a property is in the Northeastern states, with the West Coast coming in a close second. The Midwest shows the least expensive median price.

Looking at the supply of homes can be a good indicator of whether or not it is technically a buyer's market or a seller's market. This is also known as the absorption rate. If there is a 6 month supply of homes for sale, that is usually a balanced market. If there is less than a 6 month supply of homes, it would be considered a seller's market and if it is more than a 6 month supply, it would be considered a buyer's market. According to these national statistics, we are very close to the market becoming a seller's market. Of course this is a nationwide statistic, so many specific areas are still very much a buyer's market. But it HAS changed dramatically from previous years. Could it be we really are through the worst of it??

Did you know that you could be owed money, because your home went through the foreclosure process? It's true! If your home sold for more at the foreclosure sale than what you owed on your home when it went into foreclosure, you may be owed some money by the county. Check out the county website in the county in which your home was located. Most counties give information on their website about the homes that were sold through foreclosure and for what price they were sold. There may be other costs, such as attorney fees, that the county had to pay, that may also have to be taken into consideration. It's certainly worth checking out! You may walk away with a few extra hundred or even thousand dollars in your pocket.