Thursday, August 19, 2010

July 2010 vs July 2009 MLS Housing Market Stats

July 2010 combined MLS Residential Statistics had the following interesting changes compared to July of 2009: 
  • Decrease in the Number of Closed Sales to 2,632 (down 24.5%)
  • Average Days on Market reduced 14.3% to 84 days
  • Number of Active Listings increased 13.6% to 17,983
  • Absorption Rate increased to 6.6 months (up 45.3%)
  • Average Sold Price remains strong (up 7.4% from $276,654 to $297,218) compared to July, 2009. 

Probably the most interesting thing to note about July 2010 was the number of listings that increased, thus also driving up the months of inventory('supply') drastically. Anything above 6 months of inventory is considered a buyer's market. So with the extra supply on the market, and the extremely low mortgage rates, now would be objectively speaking a great time to buy, and a bit more difficult time to sell. Although sellers who are on the market now want to sell before the winter hits.