The real estate market is stabilizing:

• Inventory is down 25% from last year at the same time.
• Pending and closed sales for September are up compared to the prior year.
• There are 3.8 month’s supply of inventory.  A balanced real estate market is defined as 3 to 6 month’s supply of inventory.

Distressed properties (bank owned or short sales) represented 32% of the sold properties in the 3rd quarter of 2011 compared to 26% a year ago.  The high percentage of distressed sales puts downward pressure on pricing.    

Please click the area below for inventory graph.

500     520     530      540      550     560