June 14th Market Report
For the week ending June 5, New Listings in the MRIS region dropped 10.1 percent compared to last year, with 3,897 new properties added to the market.This brought overall inventory down 11.6 percent to 60,668 Active Listings for Sale.
Fewer listings have helped keep the Months Supply of Inventory near the 6-month mark, which indicates a more balanced market.
Pending Sales were down 25.5 percent over last year to 2,051 contracts written last week as the post-credit slowdown continues. Even as sales slow down, sellers are benefiting from the steady decline in the Days on Market Until Sales figure. It sat at 75 days last week, which was 30.7 percent lower than last year, knocking over a month off last year's market times.
