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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.
…After below trend sales activity in the first two quarters of 2009, there was a release of pent-up demand as buyers who had been “sitting on the fence” began to make purchase decisions en masse in the third quarter. This was prompted by a rapidly rising stock market that improved consumer confidence, low mortgage rates and newly found affordability as a result of falling housing prices. There were 2,789 sales in the current quarter, down 13.9% from 3,240 units in the prior year quarter, but jumped 31% from 2,129 units in the prior quarter. The surge in the number of sales resulted in a decline in listing inventory. There were 9,797 listings on the market in the third quarter, down 13.9% from 11,377 in the prior year quarter and down 3% from the 10,100 listings available at the end of the prior quarter. A portion of the decline from the prior year quarter was attributable to sellers pulling their listings from the market with the strategy of relisting when market conditions improve…