Months Supply of Inventory (MSI) Decreases
New Listing in this area for the month of March yielded 2,288 available resale dwellings. This was a decline of 19.29% or 547 units in comparison to March 2010.
The total housing inventory at the end of March dipped by 12.19% to 7,645 existing homes available for sale. At an average of 813 closed sales per month over the last 12 months (April 2010 - March 2011), represented an unsold inventory index of 9.40 MSI for this market segment.
Average Prices
According to the preliminary trends, this market area has experienced some downward momentum with the decline of Average Price this month. Prices dipped 4.60% in March 2011 to $197,786 versus the previous year at $207,327.
Sales Success for March 2011 is Positive
In this market segment, Pending Sales for March are down by 8.70% to 1,092 versus March of last year at 1,196 that went under contract. With 2,288 newly listed homes this month and 1,092 under contract, the sales success index of 47.73% for March advanced 13.13% versus last year’s index of 42.19% in 2010.Reports produced and compiled by R E S T A T S I n c.
Bottom of the Market?
Continued volatility, with some trends up and others down is consistent with being at or near the market bottom. The decrease in the number of homes sold was expected as the prior year had sales pulled into the period in order to take advntage of the tax credit.
Overall sales were up for the first quarter and if flat or up in the second quarter may finally be signalling that we have been to the bottom.
Thank you for the article it is true some markets has been up, some down, but overall it is a better market than last year Real Estate Oakville
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