May 2011 Real Estate Market Update

May sales numbers were up over April - 27 total sales in May 2011. We're up 10 sales over last May, when there were only 17 transfers.

The median sales price was down by over 34% - but, looking closer at that number, more primary residential homes sold in May than normal. There were 14 sales under $200k - that really skews the numbers. Couple that with the highest sales price last month of $610k, those are interesting factors. Otherwise, other areas of our real estate market are looking stronger than last month. One interesting correlation between low sales prices and days on market - homes last month sold MUCH more quickly. Imagine that :)

Let's take a look at the rest of the stats:

There are 53 homes under contract (43 last month).

The average list vs. ORIGINAL sales price was 82.43%, up from last month (81.62%).

The ADJUSTED list vs sale price was 88.28%, up from last month (87.31%).

The current # of active/for sale listings in MRIS (minus timeshares) is 764, up from last months 703 . We have a 28 month supply of homes available (minus timeshares) based solely on the May sales numbers. This number is down from last month's 33 month supply.

Random observations:

•3 'newer' homes sold in May (5 years old or less)

•It appears that 12 or so of these sales were vacation homes (another factor in the decling median sales prices)

•21 homes sold under $300,000 (last month was 14)

•22 homes sold under $400,000

•0 homes sold over $ 1 million (interesting note, the highest sale price was $610,000)

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

•One house sold for 51.59% of asking price - 182 Main St

•The oldest home that sold was 106 yrs old

•The average age of the homes that sold was 33 years (28 last month)

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

Here are the statistical breakdowns:

Average Sale Price: $236,087 (last month $320,310)

Average Days on Market: 200/260 (last month 273/378) (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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