May 10th Weekly Market Report

The 4,649 New Listings for the week ending 5/1 were a modest 4.1
percent increase over last year. The 5,183 Pending Sales nearly
doubled from last year, weighing in at a hefty 97.6 percent increase.

All of this activity brought inventory down almost 17.1 percent to 57,256
- an actual difference of nearly 11,800 units fewer than last year.
The Days on Market metric seems to be trending downward since its
high-point in January of 2009. For this cycle, it registered in at 78 days
for a nice 29.0 percent decline over the same period in 2009. Sellers
continue to receive a greater share of their asking price relative to last
year as well. It currently sits at 96.4 percent.
We are still forecasting somewhat slow summer sales figures since
would-be buyers have been shifted forward to take advantage of the
credit. Also keep a close eye on mortgage rates.