There were 350 sales in May, down 14% from May '09 (398 sales). The average sales price (all types of housing) was $583,000. The average sale price for 2-storey homes was $729,000. It took on average 25 days to sell a home compared to 45 days a year ago. Which is normally pretty good however, that is up slightly from April 2010's 22 days and March's very "hot" 12 days.
We are seeing a cooling from the earlier Spring market excitement. The market is becoming more balanced as more listings come out and we are seeing a large number of price reductions as seller's try to get their homes sold.
The good news is prices are up year over year about 8%.
Mortgage money inched up with 5 year money being offered at 4.35%. The banks raised there longer term rates a 1/2 point. Variable money is still quite attractive and in the low 2% range depending upon the term. Rates are expected to climb another couple of points before yearend so we should see reasonably activity in the third quarter as sellers and downsizing boomers take advantage of these high prices.
