Market Conditions Ending May 31, 2010

Pending sales are down 24.1% comparing May 2010 to May 2009.  But closed sales are up 43.7% when comparing the last 12 months.  The total market time continues to drop and is now 123 days just about 4 months.  The total market time is the amount of days it takes from when a property is listed to when an offer is accepted on the property.  This does not account for homes that are listed for a year and then pulled off the market because they did not sell.  The average sales price declined 9.7% from $315,200 in 2009 to $284,600 this month.  The current inventory continued declining from 12.6 months in January to now a 7 months which is the lowest it's been since August of 2007.  It will be very interesting to see what the stats are in June.  Closed sales should down next month when compared to this month.  Another measure of activity is that new listings are also down 10.2% for the month but up 10.4% for the year.