Posted by Jonathan J. Miller -Thursday, January 20, 2011, 8:38 PM
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Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.
…There were 9,360 properties listed for sale in the fourth quarter, down 22.6% from 12,087 listings in the same period last year and down 23.6% from 12,255 listings in the prior quarter. It is unusual to see a sharp decline in inventory in tandem with a decline in the number of sales, however sales activity at the end of 2009 was a 3-year high watermark, caused by the release of pent-up demand in sales from earlier that year. The number of sales fell 41.7% to 2,483 from the same period last year and was 20.2% below the 3,110 total of the prior quarter. A portion of the decline in sales was due to the lull in activity caused by the federal tax credit for homebuyers that artificially influenced higher sales activity before the April 2010 expiration date and resulted in artificially low sales activity at the end of the year…