Market Conditions Ending August 31, 2010

Inventory remained relatively the same growing from 10.8 months to 11 month by the end of August.  The 12 month rolling average for sales price compared with the 12 month rolling average for the previous year continues to drop but at a much slower rate.  In January the average sales price on a rolling average declined 11.9% compared to a 5.1% decline ending August.  The average sales price over the last 12 months (September 1, 2009 - August 31, 2010) was $284,200.  The average sales price over the previous 12 months was $299,600 (September 1, 2008 - August 31, 2009).  This is a decline of 5.1%.  The total time on market is 126 days.  This month's average sales price is $299,300 compared with $296,300 one year ago which is a 1% increase in price. Closed and pending sales continued their sharp declines of 21.7% and 25% respectively from 12 months ago.