As anticipated in my last Market Trends Report, statistics show that sales have increased this Spring.
Existing-home sales were up 6.8 percent in March as buyers took advantage of favorable conditions, according to a recent report by the National Association of REALTORS (NAR). Year-over-year, existing-home sales are up 16.1 percent to a seasonally adjusted annual rate of 5.35 million units expected for 2010.
Experts believe March's lift is a sign of things to come. "Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running," said Lawrence Yun, NAR chief economist. "The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure."
In March, first-time buyers were responsible for 44 percent of homes sold, with investors responsible for 19 percent of the sales, and repeat buyers responsible for the rest. Housing inventory is currently at 3.58 million units, which represents an 8.0-month supply at today's current selling pace. This is 1.8 percent lower than it was at the same time last year.
"Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably," Yun said. "In fact, foreclosures are selling quickly, especially in the lower price ranges that are attractive to first-time home buyers."
| | 2010 | 2009 | % Change |
| Total Sold Dollar Volume: |
$ 160,708,586 |
$ 122,509,874 |
31.18 % |
| Average Sold Price: |
$ 341,207 |
$ 349,031 |
- 2.24 % |
| Median Sold Price: |
$ 290,500 |
$ 285,000 |
1.93 % |
| Total Units Sold: |
471 |
351 |
34.19 % |
| Average Days on Market: |
122 |
145 |
- 15.86 % |
| Average List Price for Solds: |
$ 373,886 |
$ 392,447 |
- 4.73 % |
Avg Sale Price as a
percentage of Avg List Price: |
91.26 % |
88.94 % |
Source: Metropolitan Regional Information Systems, Inc. - MLS Resale Data Copyright 2010 - Information deemed reliable, but is not guaranteed.
If you would like specific information on what is happening with home sales in your neighborhood, I'll be happy to help. Call for a free, no-obligation consultation. Get the information you need to help you enjoy the home of your dreams.