The market continued to gain momentum in the second quarter, posting a 27% increase in closed units over second quarter 2008.

CLOSINGS AND INVENTORY

Closed sales reached their highest quarterly level since 2005, with a 48% increase over first quarter 2009, and a 27% increase over second quarter 2008. The increase over first quarter is the highest in 10 years, and substantially above the average historical change from first to second quarter. Properties priced below $250,000 continue to represent 63% of all second quarter closed sales. However, for the first time since the onset of the market correction, available inventory in this segment appears to be stabilizing.  At the end of first quarter 2009, the category was showing a 26% increase in inventory over Q1 2008. By the end of the second quarter, this had dropped to a 4% decrease over same period 2008, A decrease in inventory in this segment is very positive, and once sustained, will benefit the market at large.

To view Second Quarter 2009 Market Report, click:

http://www.myjrw.com/documents/Forms/MarketReport20092ndQTR.pdf

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Posted by: Linda Loomis, Realtor
John R. Wood Realtors
Naples FL