Happy 2011 to everyone! Let's all hope that this year is better for many people than 2009 or 2010.
At the moment we have a supply of slightly over 6 months of detached homes and slightly under 6 months for attached homes which means the market is in the neutral pricing range. If we add the homes that went "contingent" (short sales under new contracts but awaiting lender approvals which could take 6 months) to the new escrows we show a supply of around 2 months, but since these can not be counted on to close we include them just for reference. You can see that both the inventory and number of new escrows are down but the turnover rate is only slightly slower than at the end of November 2010. While the number of sales for the year decreased the average prices increased and the average percentage of the listed price held firm.
Even though interest rates have increased they are still very, very low and won't stay that way forever, as are prices. The only real issue still being faced by the local economy is unemployment which is still high. I hope this helps you stay abreast of our local market with factual input. Let me know what questions you have and have a great 2011.
R. Ungar, Associate Broker – Keller Williams Realty
