News of the Homefront

May has failed to bring an increase in the number of homes available for sale this Spring market. In April we had a total of 565 listings and in May the number slid to 427. Noted often in the financial news, the banks' shadow inventory of foreclosed properties has failed again to flood the market.

There are some but not the amount that we think they have to still dispose of. The overall average closed sales price was $776,700. This includes condos and single family homes. The higher prices reflect the the smaller number  of homes sold and that the majority of the stock were not REO's but rather regular sales.

Carrying thru the effect of  less inventory,  the number of escrows that closed was only 73. That was pared down by almost 30% from the number that opened due to the usual reasons. Our days on market were about average for the Valley, 104. That was how long it took the average seller to list and close on the sale of their property. Compared to the rest of the country, this is great!

Suggestion to Buyers:

When starting your search to find your new home, seek out an agent that is familiar with the software that is available thru the local board of realtors and that offers to set you up with automatic searches. My favorite system is the Listingbook software. It is much more efficient, more accurate than any branded website. It allows you to search more effectively and easily communicate your questions toyour agent. It will make you a much more savvy buyer for the biggest purchase of your life. Doing your "home" work this way makes cents..... and dollars for that matter. Aside to sellers, this software can work for you too---just ask me. And it is all free.