Village at Western Oaks Market Update January 1 to May 10, 2010

The Village at Western Oaks market has improved tremendously during 2010.  The subdivision has experienced a 9% price per square foot increase and a 7% total dollar increase for single family homes sold during January to May 2010 compared to January to May 2009. There was an 33% increase in the number of homes sold and it took 41% less time to sell a home in the Village at Western Oaks during this time period as compared to the same time period last year. Furthermore, there was a 50% decrease of supply of homes for sale with only 1.6 months of current inventory for single family homes in the Village at Western Oaks. This is exciting news! This means at the current rate of sales, if no more homes were listed for sale starting today, every home listed for sale in the Village at Western Oaks would be sold in 1.6 months!

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Market Snapshot

(January to May 2010 compared to January to May 2009)

Village at Western Oaks:

• 33% increase in the number of single family homes sold
• 9% increase in median single family sold price per square foot
• 7% increase in median sold price (total dollars)
• 41% decrease in the time it is taking to sell a home
• 33% decrease in withdrawals
• 50% decrease in supply.

Sold: As of 5/10/2010 there were 44 homes sold in Village at Western Oaks during January to May 2010 compared to 33 during the same time period in 2009 (33% increase). Home prices (per square foot)  have increased 9% during January to May 2010 compared January to May 2009 with a median sold price of $118.92 per square foot ($250,000) during January to May 2010 compared to $109.18 per square foot ($234,000) during the same time period last year. During January to May 2010 these sold home have averaged 38 days on market compared to 65 days on market during January to May 2009, which shows there was a 41% decrease in the time it is taking to sell a home this January to May 2010 compared to last January to May 2009.

Active: There are 25 single family homes actively for sale in the Village at Western Oaks as of 5/10/2010. These homes average 71 days on market with a median list price $120.50 per square foot ($260,000).

Pending Sale: There are 22 homes pending sale in the Village at Western Oaks as of 5/10/2010. These 22 homes average 41 days on market with a median price of $116.46 per square foot ($261,000), which is a list price 2% less than the median sold price per square foot in Villages at Western Oaks during January to May 2010.

Withdrawn: There were 6 single family homes withdrawn from the Village at Western Oaks real estate market during January to May 2010 compared to 9 homes during the same period of time during January to May 2009, which is a 33% decrease in withdrawals. Homes withdrawn during January to May 2010 averaged 65 days on market and were listed for sale with a median price of $132.88 per square foot ($276,950). This compares to an average of 67 days on the market with a median price of $112.41 per square foot ($249,900) for homes withdrawn from the market during  January to May 2009.

Inventory: Clarus MarketMetrics shows that there is a 1.6 month supply of inventory for single family homes in the Village at Western Oaks during April 2010 compared to 3.1 during April 2009, which is a 50% decrease in supply.

Village at Western Oaks Leases: As of 5/10/10 there are 2 homes (all types) for lease within the Village at Western Oaks subdivision with a median lease price of $.71 per square foot per month($1,998 per month) and averaging 15 days on the market. During January to May 2010 there were 14 homes (all types) leased in the Village at Western Oaks compared to 23 during January to May 2009, which is a 39 % decrease in the number of homes leased. During January to May 2010 the median lease price per square foot was $.76  per square foot per month($1,673/mo) and averaging 39 days on market compared to $ .74 per square foot per month ($1,550/mo) and averaging 44 days on market during January to May 2009, which is an 3% increase in lease price per square foot and  11% decrease in days on the market.