Market Conditions Ending August 31, 2008

The overall market conditions at the end of August are down compared to July and last year. Homeowners are finally understanding that they are not going to get the price they want out of their homes which resulted in 27.1% fewer new listings. Closed and pending sales were down 30.7% and 22% respectively. From July 2008 to end of August closed and pending sales were down 3.3% and 4.7%. New listings fell off 16% which is the best indicator that not only is the market slow but people now understand that and know they cannot get the values of yesteryear. There is 9.9 months of inventory and the average price decline year to date is 6.7%.