Market Update May 2009
Welcome back to another update. We continue to see steady progress with the worst of the market behind us. Here is a breakdown of the numbers for last month.
New Listings: 1487 new resale listings hit the market last month. This is a 7.5% increase from April but a (12.9%) decrease from May, 2008. This is great news. With less sellers coming into the market the inventory numbers have continued to drop this year. This will help to stabilize the market as we go forward.
Sales: 782 sales were reported for the month. This is a 22% increase from April. We also beat out May 2008 but only by 1.7%. Still, this is a good sign as we see growing sales and lowering inventory levels.
Total Actives: As of end of May we had 4558 resale homes in the market. This is up 0.7% from April but down (22%) from this time last year. Once again this shows the overall decrease in inventory that will help turn this market.
I saw a large uptick in Military buyers this past 2 months with the 250K and below Powers and Fountain areas seeing the most activity. We are seeing more news at the national level indicating the worst of this downturn is probably behind us. I would encourage anyone thinking of buying a home to pull the trigger in 2009 before this market heads the other way.
Call me.