Here are the statistics for June, single family homes only…
— Available inventory was at 17,784 units, up 6% compared with May figures and up 13% compared with June 2009
— Under contract listings are even with May at 3,162 units, down 29% compared to June 2009
— Sales were down 6% from May to 3,227 units sold, down 3% compared with June 2009
— Year-to-Date sales volume was at 16,506 units, up 7% compared with YTD 2009 sales of 15,432 units
— Average sales price was $299,375, up 10% from May 2010 ($273,285 avg price) and up 6% versus June 2009 ($283,312)
— Median sales price was $244,000, up 5% compared with May and up 3% from June 2009
— Average Days on Market (DOM) was at 81 days, a 20% decline from year ago
The trends in the market show us that the market will slow in the 3rd Quarter of this year, in addition to the normal seasonal slow down. Many of the summer and fall buyers bought this spring to take advantage of the tax credit, which may make fall much slower. Although the very low interest rates could help get additional buyers off the fence and into the market. If that happens, I wouldn't anticipate much of a slow down at all.
Historically, a consistent decline in Days on Market points to a better real estate market. The 20% decline in Days on Market may just be a result of the tax credit, but if that trend continues, we should be looking at a solid end to 2010 and an even better 2011.