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April 22nd, 2008 9:03 AM by David W. Welch
Pending contracts are continuing to climb and are approaching 2,900 total contracts as of this morning. New contracts this month are nearly 1,350 which looks good for another improvement in that number over last month. There are just over 600 closed sales so far this month, with a median sales price of $215,000. We should see better sales numbers this month, but possibly another slight decrease in the median price. Inventory remains fairly steady, while I believe the number of pre-foreclosure and bank owned properties is down a little bit. I have not been tracking this number closely, but as of today there are 4,322 in either pre-foreclosure, foreclosure or bank owned status. That makes up almost 16% of all the active listings. Just over 30% of the pending sales are in one of these categories. This is probably the biggest reason the median price has continued to float down.