How do you see the May real estate market shaping up?
In May 2008, sales started strong but dried up, with inventory increasing fast. This was the month that tipped the market into an 8 month tailspin.
In May 2009, sales were strong and listings were on a downward trend. Prices were trending upwards from their March 2009 lows.
In May 2010, ...
My prediction: listings are going to explode but daily sales will be about the same as that seen in April, for the first 2 weeks. I'm betting there are still a few straggling FTBs out there who don't want to let their pre-approvals expire. The second half of the month I predict will have lower sales but likely not as low as May 2008.
While total listings are fun to watch, the stat I'm looking at is sales.
