May 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%. 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%. 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).
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