The total number of active listings or properties available for sale is down 18.1% from last July. Since there are less homes for sale and increased sales activity, there are 13.1 months supply of inventory on the market. Even though 6 months supply is optimal, our inventory number is much better than last year when there was 17.0 months supply available.

The median sales price and the average sales price seem to have stabilized. The median price was $160,000 in June 2009 and is $159,800 in July 2009. The average sales price was $192,430 in May 2009, $184,015 in June and $190,787 in July.

The pending sales have increased each month. The closed sales have also increased each month. The number of days a home stays on the market has dropped slightly.

I don’t expect the St. Augustine real estate market to return to the levels of 2004 to 2006; however the last several months show signs of improvement and stability.