Market Conditions Ending November 30, 2008

As expected due to the huge pending sales decrease from last month, this month’s closed sales was down sharply at 39.9%. Inventory jumped to 15 months from 11.1 which is enormous. From November 2007 to November 2008 the average price decline has been 10.5%. From the end of October to November the average sales price declined by 4.9%. The average time on market for closed sales is 135 days which is up 8 days from the previous month.