As predicted for May, we have seen a marked increase in activity and the median price, number of homes sold and those placed in escrow are all up. With the strengthening dollar and European struggles, already low interest rates are hovering just under 5% and we're seeing this help expand the range of homes purchased. In the first quarter of 2010, there was little or no interest in homes above the median. In the last two months, we've seen several sales posted over the current median. This suggests, once again, that the market is opening up and we may be headed toward a more balanced situation for both buyers and sellers.
Foreclosures are often asked about and it feels like those are slowing down for us on the Coast - especially after the slew that occurred a couple month ago. Those homes certainly had an dramatic impact but the effect seems to be fading away and again, we should be headed toward balance.
Attached is the market summary for May 2010. Just click on the image to enlarge or feel free to call me to discuss.
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