Here is what MRIS reported yesterday:
For the 21st consecutive week in the MRIS region there were more pending sales this year than there were during the same week the year prior. Low mortgage rates, affordable inventory and the $8,000 federal tax credit for first time home buyers are all working in concert to create an environment conducive to heavy buyer activity. For the week ending June 27 there were 31.7 percent more pending sales than there were last year.
Heavy sales means heavy absorption of the homes available. Compared to one year ago there is 29.5 percent fewer homes for sale in the region, a drop of over 15,000 units.
Average Days on Market: Still higher than at this time in 2007, but lower than at this time last year.
Average Days on Market - May 2007: 87
Average Days on Market - May 2008: 112
Average Days on Market - May 2009: 108
Percent of List Price Received At Sale: Lower than in 2007, but close to this time last year
Percent of List Price Received At Sale - May 2007: 96.0%
Percent of List Price Received At Sale - May 2008: 92.4%
Percent of List Price Received At Sale - May 2009: 92.1%
Housing Affordability Index: Truly affordable, in fact historically affordable!
The Housing Affordability Index measures housing affordability for the MRIS service
region. The higher the number, the more affordable our housing is. An HAI of 120 would mean that the median household income was 120% of the necessary income to qualify for the median priced home under prevailing interest rates.
Housing Affordability Index - May 2007: 103
Housing Affordability Index - May 2008: 116
Housing Affordability Index - May 2009: 123
Months Supply of Inventory: Heading back to a balanced market (5-6 months supply of inventory)
Months Supply of Inventory - May 2007: 7.5 months
Months Supply of Inventory - May 2008: 10.5 months
Months Supply of Inventory - May 2009: 7.3 months
Note: Whether we are in a Buyers Market or Sellers Market can vary wildly from town-to-town, neighborhood-to-neighborhood, and price range-to-price range. If you’d like more detailed information about your neighborhood - what homes are selling for, what the inventory is, what your home may be worth, etc - just give us a call at (703) 242-3975.