Market Conditions Ending July 31, 2008

The overall market activity continues to decrease from June to July. There is now 10 months of inventory which is .5 higher than last month. Pending sales did increase a slight percentage comparing June to July’s results, but as expected closed sales declined. A big indicator as to the overall market is what the report shows as happening year to date. At the end of July in 2007 compared to that of July 2008 pending sales are down 22.3% while closed sales declined by 30.2% and new listings also declined by almost 10%. As for prices the average sales price in July was $340,500 while the median sales price was $288,200. Both of these prices were lower than June 2008 average sales price and median sales prices. Year to date the average sales price is also lower by 3.5% and the median sales price is down 3.9% compared to that with July of 2007. We are still in a slightly declining market.