Real Estate Market in Review - November 3, 2009

Did you get all your screams out over the Halloween weekend? Well here's a scary thought to keep you in the Halloween spirit: we're running out of homes to sell in the lower price ranges!

For the week ending October 24, there were 926 signed purchase agreements, up a monstrous 53.8 percent from a year ago. Over the last three months, sales of homes under $250,000 are up 40.0 percent from the same period during 2008, while sales above that watermark have dipped by 0.3 percent. As a result, compared to a year ago the inventory of available homes below $250,000 has dropped by over 5,300 units.

With the possibility of the federal tax credit for first-time buyers being extended and expanded, there may be significant shortages of inventory for buyers looking in those price ranges as 2010 begins.

Active Listings
Inventory as of: 11/2/2009

• Current Inventory: 23,060
• One Year Ago: 29,490
• One Year Change: -21.8%

New Listings
For the Week Ending: 10/24/2009

• Current Activity: 1,430
• One Year Ago: 1,558
• One Year Change: -8.2%

Pending Sales
For the Week Ending: 10/24/2009

• Current Activity: 926
• One Year Ago: 602
• One Year Change: +53.8%

Month Supply of Inventory

• October 2009: 6.6 Months
• October 2008: 9.5 Months
• Percent Change: -30.5%

Supply-Demand Ratio: November 2009 - 7.69 houses for sale per buyer

*Data collected from the Regional Multiple Listings Service, for residential properties in the 13 county region exclusively.