The Spring Market finally approaching - review of February 2009

We find that the Sellers have begun to understand that in order to sell a property in a decent amount of time, they will have to listen closer to their REALTOR's and allow them to set the fair market price.  There is still the tendency to ask more than required for the property just in case an unsuspecting Buyer may just happen to bite.  Not so today.  The Saavy Buyer has started to jump off the fence but the momentum of the pendulum has swung a little to far over (in my estimation) and now the Buyer may be tempted to throw their weight around and submit unrealistically low offers.

Even though the average price of most types of residential property slipped down in February after a short rally in January, sales numbers climbed across the 1,000-unit threshold for the first time since October of 2008 but are still below the same month sales for last year.  

There were 1,075 residential sales in February with 2,667 listings added to the MLS®.

The sales-to-listing ratio was 40% and there were 7,097 homes in the inventory on February 28, 2009.

The average* price of a single family home in February was $347,309 - down 1.5 percent (-$5,380) as compared to January.

Condo prices were down 4.9% (-$11,678) to $226,857 and duplex/rowhouses sold on average for $309,180 (a 3.3% price increase).

Total residential sales through the MLS® for the month were down 24% from the previous February.

When all residential property sales are averaged the average all-residential price dropped 2.55% from January and 8.7% from a year ago. It is now $308,970 as compared to $338,347 in February 2008.

With low interest rates and the spring market, we are quite excited at what March, April and May of this year will bring to the local Real Estate Market - Your Local Expert Signing Off,

Guy Pelletier

 

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