February’s Residential sales rose slightly to 65 homes sold, while Condo Sales jumped to 100 units sold. Land sales rose to 12 lots sold. NOTE: Condos exhibited a big 2012 year-end rush (possibly due to then-pending 2013 tax changes), yet the average of Dec. ’12 and Jan. ’13 is a normal looking 100 units per month.
February's Median SALES prices –The Residential home median price held steady at $550,000, while the Condo median price increased substantially to $364,950. Land median price declined to $575,000
Days on Market for Residential homes = 149, Condos = 184 DOM, Land = 273 DOM.
(General DOM Note: this is the average DOM for the properties that SOLD. If predominantly OLD inventory sells, it will move this indicator upward, and vice versa. RAM's Days on
Market are calculated from List Date to Closing Date [not contract date], including approximately 60 days of escrow time.)
"Year to Date Sales" numbers only compare January-February 2013 to January-
February 2012. Short timeframe (monthly) views do not necessarily reflect the longer
timeframe trends. For a more comprehensive view, compare to 2012's Year-End (Dec. 2012) figures available at:
http://www.ramaui.com/UserFiles/File/Stats/All-December2012.pdf
Total sales for immediate past 12 months: Residential = 937 (with 31.8% being REO or Short Sale), Condo = 1,241 (18.9% REO or SS), Land = 174 (16% REO or SS).
Current Absorption Rate base on this month’s Active inventory divided by February Sales is:
Residential = 9.9 months, Condo = 9.6 months, Land = 35.6 months of Active inventory.
What's going on...
Increased showings and sales, multiple offers on “well priced” listings, hesitant buyers become onlookers......
Window of opportunity may be closing for first-time homebuyers...
Well priced properties are attracting multiple offers making for a quick sale...
Inventories have declined 16-16% over the past 12 months in Residential and Condo classes...
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