Sales were up by 10% in May but we saw declined in both the average sales price and the median sales price. Average days on market continues to be low at 48 days. The number of new listings shrank by 15% but the number of active listings increased by 21%. The months of inventory, while creeping up, is still very low at 4.4 months.
The real problem with the May numbers is found in the pending sales which declined by 40%. The end of the tax credit is hitting sales very hard.
Sales: 97
Average Sales Price: $166,257
Median Sales Price: $160,000
Pending Sales: 52
New Listings: 122
Active Listings: 370
Days on Market: 48
Months of Inventory: 4.4
