Market Update! Statistics

This past week the number of sales reported to the MLS was the most since we have been keeping track in Dec of 2005. Inventory is holding steady and has been practically unchanged since mid-March. The number of weeks required to sell the existing inventory at the current rate of sales is the lowest that it has been since April of 2007, when the market was not yet affected by the sub-prime meltdown.
The following information reflects real estate activity in Orange County, as reported in the SoCal MLS 05/16/2008:
Week Ending May 14, 2008

This Week Last Week Last Year
New Listings 888 895 1175
Solds 1058 880 692
Days on Market 67 65 59
Inventory 15437 15423 15803

2nd Week of May
Year # of Listings
2002 922
2003 904
2004 1317
2005 987
2006 1319
2007 1175
2008 888