May 3rd Weekly Market Report

The 5,359 New Listings for the week ending 4/24 were a 25.5 percent increase over last year. The 3,934 Pending Sales were a 48.0 percent increase, the second largest increase in almost four months behind last yet the actual number all year. This may be largely attributed to the tax-credit deadline - though buyer activity seems to have peaked in the prior week and seller activity in the week before that. All of this activity brought inventory down almost 15.0 percent to 59,183 - an actual difference of nearly 10,500 units fewer than last year.

The Days on Market metric seems to have stagnated somewhat though it continues to decline relative to least year - albeit at a decreasing rate. For this cycle, it registers in at 86 days for a 22.0 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. We are still forecasting somewhat slow summer sales figures since would-be buyers have been shifted forward to take advantage of the credit.