Market Update 6/5/09

Market Update, June 5, 2009 

·   Market activity has continued to get stronger over the past month continuing a trend that began in March/April.

·  Median prices of those properties that have accepted offers have increased, which signifies stabilizing values.

·  The number of properties that have accepted offers but not yet closed is up in every category.

·  Inventory levels of Active properties (available for purchase) is down slightly.
 

Hotsheet Statistics for the past 2 weeks

New Listings:  339 (down from 370 from the 2-week period ending May 1st, a not unusual reduction as spring moves into summer)

Back on Market:  78 — 20% of all properties going contingent sale or pending sale are coming back on market

Price Reductions:  252 – the number of price reductions is still very high – for every property that sold, 1.6 properties reduced their prices

Went Contingent Sale:  198 (basically unchanged from 1 month ago, but a significant increase over previous months)

Went Pending Sale:  193 (basically unchanged from 1 month ago, but a significant increase over previous months)

Sold:  157 (basically unchanged from 1 month ago, but a significant increase over previous months)

Sold REO:  13 – 8.5% of home sales were REO sales (Note: there are currently 95 REO sales contingent or pending sale.)

Expired/Withdrawn:  163 (a bit lower than one month ago)