March Residential Highlights
Comparing March 2012 with
March 2011 shows improvement
in both pending and closed sales,
which were also up compared to
the previous month. There were
2,272 accepted offers, 12.8% more
than the 2,014 reported in March
2011 and 7.7% more than the 2,109
in the previous month. The 1,694
closed sales represent a 4.9%
increase over the same month last
year, when 1,615 were recorded,
and 34.2% more than the 1,262
sales in February.
New listings this March (2,886)
were down compared to March
last year (3,056), but rose 15.8%
compared to February (2,492). The
combination of fewer new listings
and more closed sales contributed
to the lowest unsold inventory
since June 2007. It would take only
five months to sell the 8,391 active
listings at the March rate of sales.
First Quarter Report
Comparing first quarter 2012
with the same period in 2011
shows closed sales increased
12.2%. There were more closed
sales in the first three months of
2012 than in any first quarter since
2007. Pending sales were up by
18.2% in the quarterly comparison,
with new listings decreasing by
12.0%.
A comparison of first quarter
prices this year and last shows
average sales price declined less
than one half percent. The average
sale price was $251,700 in the
first quarter of this year and
$252,800 in the comparable period
last year. The median sale price
decreased 1.4% ($212,000 this year
and $215,00 in 2011).
Total days on market decreased
by 17.9%, going from 165 in the
first quarter last year to 135 in the
first quarter of 2012.
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