The housing inventory (homes for sale) is currently at 6.6 months, which matches April’s housing inventory. The peak of our inventory was 18.6 months back in Feb 2009. Inventory is calculated by dividing the active listings at the end of the month by the number of closed sales for that month.
The average home sale price is down 3% and the median sale price is down 5.4%. Not bad when compared to other parts of the country.
The time it takes to sell a home is down 36.1% compared to May, 2009 stats. This lower number could have something to do with the first time home buyer tax credit that recently expired on April 30, 2010. Total market time to sell a home for 2010 is down 19.7% from 2009 statistics.
Interest rates are still incredibly low. If you’re considering selling your home in the near future and you price your house right, the chances of it selling are high. If you want to buy a home, I highly recommend you talk to a lender first to verify you qualify. Once you’re pre-qualified, start watching the market.
These residential statistics are based on monthly figures reported by RMLS™ of which I am a member.