The market continues to throw interesting data at consumers. New listings are continuing their downward plunge as April shows we are down 27.3% from last year and year to date we are down 21.2%. While this has driven our months of inventory down to 9.5 months, edging ever closer to a balanced market, we continue to see mostly distressed properties on the market, leaving buyers with fewer quality options.
Closed sales did dip dramatically, but this is mostly due to the tax credits that were available last year, which artificially inflated sales. This puts us down 4.0% YTD, but I anticipate us to make up substantial ground through the remainder of the year and we will see 2011 outpace 2010 closed sales.
Median and average sales prices continue to decline as these distressed properties put downward pressure on all homes sales prices. Days on market continues to increase ever so slightly, pushing us up to 95 days to sell.