The market stats for last month continue to be mixed. The good news: pending sales in December increased 4.5% over December 2009, and both closed and pending sales increased over November 2010 (16.8% and 0.5%). Combined with a drop in the number of new listings, the estimated months of inventory dropped to 9.1, compared with 11.7 in November 2010.
The bad news: both average and median sale prices dropped from both December 2009 and November 2010. Closed sales also dropped 17.8% from December 2009.
By every statistical measure, 2010 proved to be a more challenging year for real estate than 2009. The total number of closed sales dropped 4.8% while the average price decreased by 0.7%. The median price declined 1.7%.
There have been some other positive indicators in the economy in the last few weeks. The stock market has been consistently climbing, and the unemployment rate dropped to 9.4% in December. If we continue to see improvement in the employment data in the coming months, it would indicate that 2011 will be a recovery year in the real estate market.
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