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A quick study of these graphs and market conditions continues to illustrate the trend of inventory going down, sales increasing, and prices moving up. But, here are a few additional observations:

1. Inventory of residential units continues to decrease to historic lows.

2. At just over 1,600 units (Fresno/Clovis), residential listings are down from their September of 2006 peak of 4,600. That’s a decrease of 3,000 properties! Also, it extends an uninterrupted 20 month slide of inventory and a 15% drop just since September 2009!

3. As the percentage under contract graph shows, sales remain near their peak with over 800 properties going into contract in October alone. This high level of sales and lack of properties coming onto the market is driving the "absorption rate" up. Our marketplace currently has only two months supply of inventory.

4. Supply and Demand. Record sales and lower inventory is driving prices up. For residential units (Fresno/Clovis) the average sales price is $183,000 (up almost 20%) and the median is $160,000 (up 25%) both from February’s lows of $153,000 and $127,000 respectively.

5. The likelihood persists of more inventory coming onto the market, which will equate to a softening of prices. Therefore, if you’re considering selling, now is the perfect time. Just look where we’ve come from since February. On average, a seller in November could get 20% more than they would have in February!

6. We can’t predict the future, but we need to consider the past. The buyer that didn’t purchase six months ago will likely pay more today for the same house. And not buying today may mean they’ll pay even more six months from now!

7. The market supports selling now and the low interest rates mean there probably will not be a better time to buy.