RMLS Market Action Report May 2011

May 2011 Residential Highlights

While closed sales were down in May 2011 compared with May 2010, pending sales greatly increased compared with the same month a year ago, and inventory hit the lowest level since October 2009.

Closed sales were down 15% in May 2011 compared to May 2010. Pending sales were up 45.1%, and new listings dropped 4.1%. See residential highlights table below.

Comparing April 2011 with May 2011, closed sales increased from 1,611 to 1,742 (8.1%). Pending sales also increased from 2,005 to 2,167 (8.1%). New listings went up from 3,099 to 3,338 (7.7%).

At the month’s rate of sales, the 11,825 active residential listings would last about 6.8 months.

Sale Prices

Average sale price for May 2011 declined 4.8% compared to May 2010. Median sale price also fell 7.9%. See residential highlights table below.

Month to month, comparing April 2011 to May 2011, sale price activity showed minimal change. Average sale price went down from $267,300 to $262,400 (-1.8%) while median sale price increased from $219,900 to $220,000 (0.1%).

Year-to-Date

Comparing January-May 2010 with the same period in 2011, sales activity was down. Closed sales decreased by 9.3% (8,069 v. 7,321). Pending sales went down by 9.6% (9,792 v. 8,853), and new listings fell 26.4% (21,583 v. 15,878).

Additionally, the average sale price fell 7.3% ($278,500 v. $258,300), and the median sale price dropped 9.1% ($239,900 v. $218,000).

Click here for the entire RMLS Market Action Report for May 2011 in PDF format.

*Courtesy of RMLS