The official stats are out for May. The market is moving more and more into a balanced market. Prices have still climbed for single family houses (1% increase over April), but condos and duplexes fell (both by 2%). Our inventory level has increased to 8780 properties which is higher than our peak last year. Buyers are finding that they have a little more time to look, the average days on market is sitting at 44. The sales were off last years torrid pace of over 2200. We were just shy of 1700 sales this month (1682).
The slowdown in sales could be attributed to the tightening of mortgage requirements that came in mid April. I've attached some price graphs for different property classes to show you the trends since early 2007.
