As of August 6, 2008 in Fresno & Clovis, the Fresno Multiple Listing Service is reporting 685 homes & condos went under contract in the month of July which is a 9% increase over June 2008 and a 46% increase over July 2007.
5,010 homes were actively on the market in the month of July 2008. 1,046 homes came on the market as new and 624 were reported as Expired, or Withdrawn.
The average days on market for homes that went under contract (pending) in July 2008 was 79, a trend that has averaged 84 days on market year to date.
Months supply of inventory continues to trend downward this year ending up at 5.4 for July 2008. This statistic is a measure of buyer activity. It considers that if no more listing were taken, how long would it take for the market to absorb our current inventory. Currently, it would only take 5.4 months. A normal market is measured by most economists at 5-7 months supply of inventory. In the peak of the last 24 months, Fresno & Clovis had 20 months supply of inventory for residential single family & condos.
For the complete statistical chart of the last 24 months in our marketplace, contact me, Andy Nazaroff at 559-892-2864, or by email at email@example.com