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Real Estate Market Report
Regional Overview May, 2010
Market activity index is down due to more new listings, fewer listings in escrow, and more sold listings .
Market Activity Index – 0.50, down 6 points from last month’s 0.56, a year ago the index was 0.52.
New listings – 727 new listings, close to last month’s 700, versus last year’s 644 new listings – so we are ahead year on year. Note: 66 of these listings are REOs or foreclosed properties (9.1%).
New Pending listings – 461 opened escrow, versus 556 last month, compared to last year’s 585 new escrows.
Pending Ratio – 0.63, down from last month’s 0.79, and last year the ratio was 0.91, so fewer closed sales next month.
Listing Inventory – 2,146, UP from 2,003 last month, compared to 2,126 last year. Note: 136 of these listings are REOs according to the MLS, compared to 151 last month.
Sold Listings – 614, compared to 566 closings from last month, a year ago 502 properties sold. Note: 108
(or 17.6%) were REOs, compared to 111 last month.
Months of Inventory – 3.5 months, even with last month’s 3.5 months, compared to 4.1 last year. A balanced market is considered 4 - 6 months of inventory.
Average Sales Price –overall up 0.4% from last year, compared to being up 9.7% last month, with four areas showing gains, and two losses.
Conclusions
For Buyers – Interest rates decreased dramatically, so it is a great time to buy or refinance.
For Sellers – Ask for our Highest Value Property Audit to maximize your price when you put your property on the market. Properly marketed homes have shorter market time and sell for the highest price.
|
Market Overview |
May. '09 |
Aug '09 |
Nov '09 |
Feb '10 |
May '10 |
Yr On Yr |
Change |
|
New Active Listings |
644 |
543 |
471 |
636 |
727 |
83 |
12.9% |
|
Pending in the month |
585 |
498 |
420 |
403 |
461 |
-124 |
-21.2% |
|
Pending Ratio |
0.91 |
0.92 |
0.89 |
0.63 |
0.63 |
-0.28 |
-30.3% |
|
Inventory at month end |
2126 |
1809 |
1721 |
1843 |
2146 |
20 |
0.9% |
|
Sold listings |
514 |
572 |
526 |
394 |
614 |
100 |
19.5% |
|
Months of Inventory |
4.1 |
3.2 |
3.3 |
4.7 |
3.5 |
-0.6 |
-15.5% |
|
Market Index |
0.52 |
0.59 |
0.55 |
0.43 |
0.50 |
-0.02 |
-3.8% |
|
|
|
|
|
|
|
|
|
|
Average Sales Price |
|
|
|
|
|
|
|
|
|
$425,285 |
$404,249 |
$329,483 |
$384,966 |
$418,952 |
-$6,333 |
-1.5% |
|
|
$492,089 |
$560,864 |
$528,876 |
$540,167 |
$506,915 |
$14,826 |
3.0% |
|
|
$679,072 |
$649,944 |
$579,965 |
$566,553 |
$685,107 |
$6,035 |
0.9% |
|
|
$497,260 |
$502,548 |
$471,055 |
$523,104 |
$500,076 |
$2,816 |
0.6% |
|
|
$740,567 |
$750,774 |
$716,033 |
$636,105 |
$700,943 |
-$39,624 |
-5.4% |
|
|
$332,401 |
$328,874 |
$329,345 |
$306,441 |
$365,960 |
$33,559 |
10.1% |
|
Total |
$527,779 |
$532,876 |
$492,460 |
$492,889 |
$529,659 |
$1,880 |
0.4% |
Detailed reports for each area are available upon request.
Data is from Itech and i-Tech and has not been verified, is not guaranteed, and is subject to change.
