As you can see, new listings continue to come onto the market as the number of sales drop. Days on market is for closed sales, so buyers are taking more time (as opposed to just gravitating to the newer listings).

Note how fast the inventory has built up. In April it was it was 1.5 months – now it’s tripled to just under 5 months. I’ve calculated inventory by dividing the number of listings for the month divided by the number sold during the month. You can think of it as how long it would take to sell all the units on the market at the current rate if no new listings came on the market (of course they do come onto the market).

The median sold price (20 sold units) dropped precipitously last month. This could be an anomaly as the September figure really plunged. We’ll need several more months of data before we know the real story.