The market continued to sizzle in April 2010 as another 658 properties went under contract compared with 484 in April 2009 (up 36%), and 520 in March 2010 (see Supply/Demand chart below). This flurry of activity was supported by the first time buyer and existing homebuyer tax credit which expired Friday April 30th 2010.
While the Days on Market (DOM) and Months Supply of Inventory (MSI) (see MSI/DOM below) have dropped significantly in the past few months, these indicators should increase once again with the end of the tax credit extension. The only factor that could sustain these levels would be a more significant economic recovery.
As always, though, homes that are priced properly and are presented well, will continue to draw buyers.
If you have further questions, please don't hesitate to contact me - John & Mary Luca 302-999-6966