As we approach the end of February the market does appear to be stepping up a little compared to last year.
Residential Sales Jan.-Feb. 21, 2008 = 6 total
2008 List Price Sold Price % Days on Market
High 1,998,000 1,900,000 99% 450
Low 675,000 560,000 83% 83
Average 1,134,748 1,051,448 92% 211
Median 960,744 894,344 92% 92
Residential Sales 2009 Jan.-Feb 21 = 8 Solds
List Price Sold Price % Days on Market
High $3,995,000 3,600,000 96% 772
Low $ 595,000 520,000 75% 127
Average $2,157,375 1,799,118 85% 343
Median $2,297,500 1,952,500 87% 279
Good news… sales are up 33% from last years first quarter and we still have March ahead of us to improve on this number. There are 8 properties under contract, added to the 8 closed transactions, we are looking at a minimum of 16 closings compared to 12 for the entire first quarter of 2008 (Jan-Mar) .
The numbers also indicate substantial reductions in the price differential (list price compared to selling price) with the highest differential found in the lowest priced homes (short sales or Reos). The increase in days on the market ( from list date to closing date) has increased with an average of 327 days compared to 209 days in 2008.
It appears buyer’s are starting to come off the sidelines a bit and taking advantage of the best buyer’s market this area has experienced.
