Saturday, May 12, 2007

May 12 Week Ending Stats

Inventory of single family homes with a listing price of more than $500000 continues to rise much faster than SFH with a listing price of less than $500000. There are 34 more MLS listings for SFH with an asking price of over $500k this week, with 17 of those having a listing price of more than $700k. There are only 2 more SFH listings this week with an asking price of less than $500k.

The number of listings for three bedroom SFH and townhomes continues to rise. Listings for two bedroom condos appears to be all over the map. There has been a large decrease in the last two weeks.

I'm suspecting that this month is shaping up to have a decrease in average price for SFH. The reason being that inventory of high priced homes is building rapidly, while lower priced home inventory is not. Through this, I'm lead to think that homes with sub-$500k prices are selling in higher quantities than home with the higher prices. I could be wrong - I usually am.