March 2011 Residential Real Estate Stats

March was a VAST improvement over the dismal February numbers. There were 22 total sales, up over last years 16. I personally closed on 2 foreclosure/short sale transactions - and the numbers were FAR off of the original asking prices. I've also noticed a lot more lower priced transactions (17 of 22 sales were under $400k) - we'll see if that changes over the summer, but it is a trend worth noting.

Let's take a look at the stats:
There are 38 homes under contract (37 last month).

The average list vs. ORIGINAL sales price was 83.51%, up from last month (78.11%).

The ADJUSTED list vs sale price was 89.63%, up from last month (88.03%).

The current # of active/for sale listings in MRIS (minus timeshares) is 598, up from last months 572. Personally, I am surprised this number is not higher already - there are more homes coming. We have a 27 month supply of homes available (minus timeshares) based solely on the March sales numbers. This number is less than half of February's extreme - 63 months.

Random observations:

•1 'newer' home sold in March (5 years old or less)

•It appears that 10 or so of these sales were vacation homes

•15 homes sold under $300,000 (last month was 7)

•17 homes sold under $400,000

•2 homes sold over $ 1 million (1 last month)

•4 homes sold for higher than full price or at full price (last month was 0)

•One house sold for 61% of asking price - 3285 Shingle Camp (foreclosure)

•The oldest home that sold was 116 yrs old

•The average age of the homes that sold was 37 years (36 last month)

•3 condo/townhouse properties sold (1 last month)

Here are the statistical breakdowns:

Average Sale Price: $297,427 (last month $309,667)

Average Days on Market: 205/290 (last month 301/407) (days on market with current broker/total days on market)

Here's a little something extra - more in depth stats by price range, from our friends at RBIntel.

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