May

 2007

 2008

New Listings
Median List Price
List Price Range

94
$471,150
$227,900 - $2,499,000

Listings Sold
Median Sale Price
Sale Price Range

16
$537,000
$315,000 - $1,366,000

Average Days On Market
Average List To Sale Percentage

179.8
93.3%

Number of Price Reductions

15/25 (60.0%)

5/16 (31.2%)

Though new listings remained fairly steady, the number of closed sales dropped from '07 to '08.  Though the number of transactions fell, the median sales price rose by over $65,000.  Days on market didn't change as much as I had imagined they had, though it was no shock that the list to sale percentage dropped by over 4%.  This shows evidence that sellers are really scraping their bottom lines to accomodate offers and make deals (because who knows when the next offer would come along).  I was quite surprised that there were only 5 homes that had done price reductions before they received an acceptable offer in 2008 as compared to 15 in 2007 - from 60% in '07 down to only 31.2% in '08....this could be evidence that homes are listing competitively instead of listing at higher prices to "see what happens."