Attached are the sales summaries for 2010 for both houses and land as well as a 2009-2010 comparison through the month of April. Some relevant facts are:

• There have been 69 houses sold vs. 35 at this time in 2009
• Total dollar volume for houses sold YTD is $119,474,669 vs. $76,153,845 for 2009
• Average sale price is $1,731,517 vs. $1,813047 for 2009
• Median sale price is $1,037,500 vs. $1,400,000 for 2009
• Land sales remain very low with only 6 lots sold in 2010. Currently there are only 2
under contract.

Focusing on home sales, noticeable changes are the total volume in both number and transactions. Dollar volume is up 57% and total transactions are up 97%. But the average sale price has moved down and there has been a big decline in the median sale price, which complements the discrepancy between the dollar and transaction volumes.

The sales activity is largely in the lower end of the market. This trend is continuing in 2010 for properties under contract. The average asking price of the 39 houses currently under contract is $1,270,715 and the median asking price is down to $872,500. As closing prices are averaging 10% lower than asking prices, this is a significant decrease from 2009.

The larger issue is what do these trailing numbers portend for the 2010 season. The increase in activity is a welcome sign of an awakening market. Hopefully the trend continues and sales activity moves to the higher end of the market as the summer selling season unfolds.

Prices have declined somewhere between 25% and 30% from the 2005/2006 peak and interest rates remain historically low. With inventories still high this should provide a great foundation for Buyers to get a very good value, especially coupled with the favorable lending rates.

History has shown that our markets can awaken with startling vigor. In the early 1990’s and again in 2003 we came out of a sales recession rapidly. We could be setting the stage for an excellent, and somewhat surprising, selling season.