As of now, we have a total of 43,705 single family detached homes on the market. Our total number of residential listings is at 52,542. A total of 1053 properties sold between August 18th and August 24th 2008, which was down from the 1200 that sold the previous week.
The average asking price for this week was $409,037 while the average sales price was $238,943 which was a slight increase over the previous week. It’s time for the market to correct. Prices over the next 12 months are expected to increase gradually, but not at the rate that we would normally expect of our real estate economy.
We’re currently
at an average of 112 days on market with roughly 9 1/5 months supply of inventory overall.
