Executive Summary (based on single family home)

DOI improved for SMC, SCC, and SZC but worsened for MTY & SBT. This is good news as SMC & SCC tend to establish the trends. Inventory continued to decrease but remains roughly double one year ago levels except for SZC which is only 30% higher. The most positive news is the volume of sales. Although down from November (which is normal because of the Holidays), sales are ABOVE December 2000. DOM continued to increase but remember that DOM is a lagging indicator. Sold prices were flat opposed to falling. I believe that it is very significant that all five Counties saw a slight improvement in the Sold price to List price ratio. Remember prices are one of the last indicators to show changes in market trends as they are reflective of what happened 90 days ago. Most indications are positive. This means that the first quarter of 2002 could see significant improvements including price appreciation. The market should be kept in reasonable balance because of the 4,300 properties that came off the market without selling during 2001 many of these will come back on the market causing a higher than normal inventory.