For the fifth consecutive month, new contracts opening escrow in '07 exceeded the same month in 2006. The October 2007 shows 993 new pending contracts, and the October 2006 shows 782. This indicates there are more buyers in the market finding their dream home and making offers and sellers are more receptive to these offers.
This consistent monthly increase in new contracts pending is reflected in the increase in the October 2007 total closed units of 790 units, an increase of 107 units over Septembers numbers.
Additional good news indicates the active listing inventory has declined for the fifth consecutive month, with October '07 showing an inventory of 9,313, a decline even when compared to October '06. The 2,399 new listings coming into the market are less than the September number, as well as the same month last year.
The year to date average sales price is $274,480. The year to date median sales price remains at $220,000, the same median as 2006 for the same period.
Regardless of the national media, we must remember Real Estate is local. I heard someone tell a group "there is no national weather forecast....same with real estate....it's all local."
Judy Lowe-MLS President
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