May 2009 - Local market in flux?

Those looking to sell in the current market are hopeful for any signs of a turnaround, but May's numbers are showing it could be a slow slog before inventory and pricing change in their favor. Continuing the trend from April, the market does show signs of at least beginning to flatten out with a mixed bag of positives and negatives. Nobody's expecting a sellers market anytime soon, but we could at least be moving to some semblance of a balanced market in the not too distant future.

Some highlights from May:

• inventory to sales dropped to 8.5 months, about the same as last year at this time but on lower sales volume
  
• distressed property sales were about 40% of the market, a bit of a drop from prior months
• inventory continues to drop below 2006 figures, aided by more leasing and lease/option arrangements (see this month's column on "owner financing")
• Nationally, month over month sales increased 2.4% for the second month in a row, but was down 3.6% from May of last year.
  

For a full snapshot of May statistics, see the following charts:

• Local inventory vs. sales (absorption rates) & average sales price chart
  
• Local sales and inventory volume charts
• National existing home sales