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Are we seeing the bottom?

After months of doule digit decreases in average sales prices, increases in inventory and days on the market we finally see some stabilization. Below are our current statistics

January 2009 Sales Statistics
SINGLE FAMILY DETACHED Jan '08 Dec '08 Jan '09 Yr Chg
Current Closed Sales 88 89 86 -2.3
Y-T-D Closed Sales 88 1371 86 -2.3
Current Average Selling Price 371,990 294,005 372,413 0.1
Y-T-D Average Selling Price 371,990 351,780 372,413 0.1
Current Median Selling Price 330,000 280,000 280,000 -15.2
Current Sales Dollar Volume 32,735,120 26,166,445 32,027,518 -2.2
Y-T-D Sales Dollar Volume 32,735,120 482,290,658 32,027,518 -2.2
Current Average Days on Market 151 126 134 -11.3
Y-T-D Average Days on Market 151 131 134 -11.3
Available Listings 1st of Month 1904 1957 1668 -12.4
Purchase Offers 1st of Month 101 139 110 8.9

As you can see, closed sales is only down 2.3% which is a significant difference compared to the 26% last month. Now this may be a blip in the statistics, we'll need to see next months figures to know for sure but its a nice start!

Posted Friday Feb 06