McDowell Mountain Ranch Sales in October

I noticed some interesting trends in the month of October for McDowell Mountain Ranch home sales. First of all, entering the month there were 160 homes for sale and another 27 homes were listed for sale during the month. Through October 11 homes registered as Pending, but the inventory dropped to 152 by the first of November 1st. Therefore, 24 homes sellers gave up and took their home off the market.
What interested me was that as I looked through the activity of the homes that went Pending, I found a trend. 55% of those homes that went Pending also lowered their price in October. Looking deeper, of the 11 sales, I found the following:

2 homes were new to the market, average of 19 Days on Market
2 homes were recently back on the market, average of 14 DOM
6 homes dropped their price in October
1 home dropped its price 3 days prior to October

I have been reporting that I have seen a trend of about 85% ("about" because I have not scientifically tracked it) of the Pending homes I find in any comps I do for a home are new to the market or lowered their price withing 35 days of Pending date. Here is a study of the Pending activity in McDowell Mountain Ranch and I found 100% of the homes Pended in October were either new to the market, back on the market or lowered their price in the past 35 days. I did not seek out this validation this morning, I planned on checking it and reporting what I found. It was a surprise to see the activity back my theory.
What does this mean? Buyers are out there. They are watching for the home they want at the right price. Today's market price. If a home is a new listing and priced right, it sells in 35 days or less. If a home is not sold in that time, a price reduction is required. Once the right price is placed on the property, buyers come view the home. If that is market price, the home should sell within 35 days of the price reduction.