Residential sales declined to 60 homes sold while Condominium sales decreased to 87 units sold. Land sales came in at 11 lots sold.
The Residential and Condo median prices decreased to $560,000 and $345,000 respectively. Land median price came in at $400,000.
Days on Market, Residential homes = 119, Condos = 99 DOM, Land = 279 DOM.
Residential unit sales decreased (125 homes sold / -4 units / -3% change YTD), average sold price =
$1,142,909 (+60%YTD), median price = $585,000 (+6%YTD) and total dollar volume sold = $142,863,582 (+55%YTD). Condo unit sales increased (181 units / +17 units / +10%YTD), average sold price = $572,457 (+23%YTD), median price = $390,000 (+13%YTD). Total Condo dollar volume sold = $103,614,752 (+35% YTD). Land – NOTE: Land Lot sales are such a small sampling that statistics in this property class are not necessarily reliable indicators. Land lot sales increased (24 lots / +3 units / +14% YTD), average sold price = $669,021 (-22%), median price = $385,000 (-31%), Total dollar volume = $16,056,499 (-11% YTD).
Total sales for immediate past 12 months: Residential = 977 (with 17.3% being REO or Short
Sale), Condo = 1,357 (9.7% REO or SS), Land = 224 (9.4% REO or SS).
NOTE: 45% of these Sales in the last 12 months have been CASH transactions.
Current Absorption Rate base on this month’s Active/Pending-Continue to Show/Contingent status
inventory divided by February Sales: Residential = 11.4 months, Condo = 10.5 months, Land = 37.5
months of inventory.
Sales Unit numbers seesaw, Inventory growing due to rising Prices ……
Year-to-Date prices are rising. Increased showings and sales, multiple offers on “well priced” listings,
hesitant buyers become onlookers…... Window of opportunity is quickly closing for first-time
homebuyers (see below). Well priced properties are attracting multiple offers making for a quick sale. Inventories in Residential and Condo classes are increasing somewhat as Sale Prices increase. REO (Foreclosures) and Short Sales are dwindling, with any “hidden inventory” (or overhang) backlog slowly trickling onto the market. Mortgage Interest Rates are inching up slightly which may help motivate would-be Buyers to go ahead and buy IF they can qualify.
Savvy Investors are buying with Cash, giving them a strong negotiating position, no financing/appraisal
hassles and a quick closing.
Rising Sales prices cause some “Owners” to become “Sellers,” putting their homes on the market.
To be successful, Sellers need to beat competing properties with better property condition, REALISTIC pricing, good marketing, and flexible, creative terms (Seller Second Loan, Agreement of Sale, Lease-with-option-to-buy, and Sale-with-lease-back to seller). Days on Market figures show that properties priced right will sell in a reasonable timeframe, often with multiple offers. “Priced Right” is still the determining factor.
BEST Deals are selling, while significantly over-priced listings remain un-sold.
Pro-Active SELLERS are getting their properties appraised, inspected and surveyed in advance to encourage realistic offers from knowledgeable Buyers. This can prevent unanticipated escrow fallout or Buyers whittling your price down during the transaction when previously unknown facts come to light.
FOR BUYERS: Low interest rates prevail; however have started to nudge up. Buyers should get Pre-
Approved so they can shop in confidence (fewer last minute disappointments due to non-funding loans).
"Short-sales" and foreclosures are still in the marketplace, yet they can be less of a bargain than they seem, requiring more hurdles to leap and more time (often 4-6-12 months) to close, if at all.
Be prepared, but BE REALISTIC.
The low point in the market has passed, so check it out carefully NOW, don’t delay. The opportunity is
fading quickly. If you can’t buy now, start saving your down payment for the next market cycle.
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