…The first quarter of 2013 was defined by falling
listing inventory and a significant rise in contract
activity. Despite the faster pace of the market,
price indicators showed stability compared to
the same period last year. However, the overall
market is expected to see more upward price
pressure if the pace of falling supply and rising
sales activity continues. The number of closed sales in the first quarter
of 2013 showed only a modest gain of 5.6%
to 1,348 compared to the same period last
year. However, the total number of contracts
surged 27% over the same period representing
a significant acceleration in the pace of the
market since the end of 2012. Listing inventory
continued to fall sharply, down 17.5% to 5,587
from the first quarter of 2012, the lowest first
quarter total in four years…