Source: MAR
Somewhat surprisingly, total inventory declined from last month and on a year-over-year basis. However, the magnitude of the monthly decline was not offset by the number of sales, so I suspect this might be a byproduct of a number of properties being temporarily delisted. If this is the case, inventory may have declined while shadow inventory increased.
The number of July 2010 sales was up quite nicely from July 2009, but the MAR data also show that the average selling price declined by 12% from a year earlier. This could be due to a number of local first-time buyers taking advantage of the $8,000 tax credit which would certainly go a long way toward buying a $100,000 or $150,000 house in many of the outlying towns (median selling price was just $217,000). It will be interesting to see if the volume of low-priced sales continues beyond expiration of the tax credit.
Overall, the months of active inventory number ticked up just a bit from the previous month (30 vs 29) as inventory levels remain far above levels seen during most of the previous decade. As President Obama said, this inventory isn't going away overnight.
Don't forget to check back to Dan's Deep Creek Blog for your future updates on Deep Creek real estate.
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