These are the facts, as of today there are 30,708 active listings on market (down from 41,497 a year ago, and the lowest figure in the past 24 months!).  12,095 of those are short sales, 4,499 are bank owned (that number is way down from a year ago!), and 12,598 are "normal" sales.  Lets look at these 3 destinct markets.
    

•  Short sales.  Only a little over 55% of the short sale listings end up with closings.  The average list price is a little over $79/sf and the average sale price is almost $73/sf. 

• Bank/Government owned.  A little over 95% of the bank/government owned listings end up closing.  The average list price is a little over $73/sf, with the average sale price a little over $61/sf.   The best way to predict the future number of bank owned homes coming on the market is to look at foreclosure notices sent out to mortgage holders.  That number has been decreasing from 202 per day the first week of 2011 to 148 per day in the second week of July.

• Normal Sale Listing.  Sixty three percent of the normal listings end up closing.  The average list price is about $189/sf, with an average sale price a little over $115/sf.

     For all homes, the days on market for sold homes in May was 105 days.
     The number of sold homes were up 8% from last year
     The number of out-of-state buyers set a record in May, with 29.9 percent of all sales from out of state buyers.
     The median sales price fell from $130,000 a year ago to $108,000 in May.  The trend based on pending sales for the summer shows that number could drop below $100,000.
     New construction homes sales are still depressed, with only 439 sales in May.  Compare that figure to the 3,591 sold in May 2006!