The image below is a snapshot of the just published RMLS Market Action for May 2009.  The decrease in inventory (a ratio of the active number of listing (14,493) and rate of sales) can be attributed to an increase sales activity as the number of listings has increased.  Between January 2007 and May 2007, inventory dropped 27.5%.  In 2008 the drop for the same time period was 28.1%.  For 2009 the drop is 46.8%.

Pending sales in May were down 7.4% from May 2008.  In January, pending sales were down 26.1% from January 2008; down 30.5% February 2009  from February 2008;   down 15.5% March 2009 from March 2008 and April 2009 pending sales were down  10.1% from the previous year.  As reported below, pending sales for 2009 lag 17.5% behind 2008.  The May 2008 Market Action reported that May 2008 pending sales were 30.5% lower than May 2007.