Today at the LI Board of Directors Meeting, the President for the LI MLS, Frank Dell’Accio discussed the latest MLS stats. I’m relaying some of the more interesting ones for buyers and sellers.
Houses Entering Under Contract: An increase of 21% in December, 2009 from December, 2008.
The Number of Houses Closed (Sold): 2708 in December, 2009 — 1964 in December, 2008.
Inventory (the number of homes on the market) is down 7% from last year. The length of time to sell all the inventory on the market is down from 17.8% to 13.7%.
HUD is issuing new regulations for FHA mortgages this spring. They will be more restrictive and the upfront fee will increase. I’ll write more about this in a future blog post.