The most recent 7.5-percent decrease in total sales translated to a corresponding increase in total inventory, as there were 5.9 months of inventory based on closed sales in July, up 2.3-percent versus the previous monthâ€™s total of 5.7. Compared to last year, however, this is a fairly significant 18-percent drop in total inventory of Carmel Homes for sale based on closed sales. Finally, total inventory based on closed sales averaged 6.2 months during the period that spanned from May through July of this year. This represents a slight 0.7-percent decrease versus this same quarter in 2010. All the same, our most recent estimate of 5.9 months of inventory is a full 34 percent below the 12-month average for the Carmel real estate market of 9 months.
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