Spring is finally here and it has never been a better time to purchase a home! Like the weather, our local residential market is gradually warming up offering incredible opportunities for both buyers and sellers. During the 1st quarter of this year, our market surpassed levels from the previous year for the seventh straight month. The most notable improvement was seen in the number
of homes sold.
When analyzing the growth within the six major zip codes for our region, our average sales price has increased 1.8% from year-end 2009 and decreased .09% from first quarter 2009. When we look at the median sales price, we have a slight increase over year-end 2009 from $189,950 for first quarter 2010 compared to year-end 2009 of $189,900.
• Sellers received 95.22% of the asking price in first quarter 2010, compared to 95.03% for 4th quarter 2009.
• First quarter 2010 had an increase in the number of sold homes by 36.0% from first quarter 2009.
Over the last couple of years, an analysis of six major zip codes – 28403, 28405, 28409, 28411, 28412 and 28451 was conducted. The areas of focus were:
• Sellers Concessions – The amount of money a seller of a house contributes toward the buyers purchase.
• List Price – The amount of money a home is listed on the market.
• Selling Price – The price the seller accepts for his or her house.\ • Days on Market – The number of days a house remains for sale, from the listing date to the date the property is placed under contract.
• List to Sales Price Ratio – The difference between the list price and the selling price shown as a percentage.
1st Quarter 2010 - 28403 Zip Code
• The average selling price of $192,553 has decreased 8.1% from year-end 2009 average selling price of $209,581.
• 23% of sellers in 1st quarter paid a concession compared to 16% in year-end 2009.
• The average list price of $206,396 for 1st quarter has decreased 7.8% over year-end 2009 average list price of $223,749.
• The average number of days a property remained on the market for 1st quarter was 131 days compared to 142 days for year-end 2009.
• The median sold price of $143,000 for 1st quarter has decreased 15.8% from year-end 2009.
• Sold homes in 1st quarter received 93.2% of the asking price, a decrease from 93.6% year-end 2009.
1st Quarter 2010 - 28405 Zip Code • The average selling price of $271,948 has increased 8.5% from year-end 2009 average selling price of $250,612. The best of all the zip codes.
• 37% of sellers in 1st quarter paid a concession compared to 22% for year-end 2009.
• The average list price of $293,620 for 1st quarter has increased 10.4% from year-end 2009 average list price of $265,960. The best of all the zip codes.
• The average number of days a property remained on the market for 1st quarter was 179 days compared to 138 days for year-end 2009.
• The median sold price of $177,625 for 1st quarter has decreased 1.5% from year-end 2009.
• Sold homes in 1st quarter received 92.6% of the asking price, a decrease from 94.2% for year-end 2009.
1st Quarter 2010 - 28409 Zip Code
• The average selling price of $265,767 has decreased 8.7% over year-end 2009 average selling price of $291,090.
• 18% of sellers in 1st quarter paid a concession compared to 20% in year-end 2009. The lowest of all the zip codes.
• The average list price of $273,241 for 1st quarter has decreased 12.6% over year-end 2009 average list price of $312,455.
• The average number of days a property remained on the market for 1st quarter was 136 days compared to 133 days for year-end 2009.
• The median sold price of $227,000 for 1st quarter has decreased 3.4% from year-end 2009.
• Sold homes in 1st quarter received 97.2% of the asking price, an increase from 93.1% for year-end 2009.
1st Quarter 2010 - 28411 Zip Code
• The average selling price of $308,023 has increased 7.9% over year-end 2009 average selling price of $285,365.
• 31% of sellers in 1st quarter paid a concession compared to 22.0% in year-end 2009.
• The average list price of $325,592 for 1st quarter has increased 6.6% over the year-end 2009 average list price of $305,422.
• The average number of days a property remained on the market for 1st quarter was 112 days compared to 126 days for year-end 2009.
• The median sold price of $240,570 for 1st quarter has increased 11.9% from year-end 2009. The best of all the zip codes.
• Sold homes in 1st quarter received 94.6% of the asking price, an increase from 93.4% for year-end 2009.
1st Quarter 2010 - 28412 Zip Code
• The average selling price of $178,402 has decreased 8.0% over year-end 2009 average selling price of $193,872.
• 28% of sellers in 1st quarter paid a concession compared to 27% in year-end 2009.
• The average list price of $187,143 for 1st quarter has decreased 7.7% over the year-end 2009 average list price of $202,816.
• The average number of days a property remained on the market for 1st quarter was 105 days compared to 139 days for year-end 2009. The lowest of all the zip codes.
• The median sold price of $163,000 for 1st quarter has decreased 6.9% from year-end 2009.
• Sold homes in 1st quarter received 95.3% of the asking price, a decrease from 95.5% for year-end 2009.
1st Quarter 2010 - 28451 Zip Code
• The average selling price of $219,428 has increased .04% over year-end 2009 average selling price of $218,453.
• 26% of sellers in 1st quarter paid a concession compared to 31% in year-end 2009.
• The average list price of $224,409 for 1st quarter has increased .08% over the year-end 2009 average list price of $222,709.
• The average number of days a property remained on the market for 1st quarter was 115 days compared to 124 days for year-end 2009.
• The median sold price of $190,000 for 1st quarter has increased 3.8% from year-end 2009.
• Sold homes in 1st quarter received 97.7% of the asking price, a decrease from 98.0% for year-end 2009. The best of all the zip codes.
Summary
Our first quarter started the year with a positive increase in units compared to 1st quarter 2009 by 36.0%. A lot of these sales were driven by the Homebuyer Tax Credit that is set to expire on April 30, 2010. While we might have sold more homes, our average sold price from first quarter 2009 showed a .09% decline. Our current inventory of homes is high with over 11.9 months of supply.
Five zip codes had average sold price decreases from .09% to 13.5% over first quarter 2009 while 28411 posted an increase of 14.5% in average sold price. Our list to sales price ratio for the first quarter 2010 is 95.22%, a slight increase from 95.1% for year-end 2009. The average list price of the sold properties is $255,330 and is down 1.5% from first quarter 2009. For the first time, our average list price is ahead of year end 2009 by 1.7%.
Concessions offered to buyers are now offered in 18% to 37% of the transactions in first quarter 2010. Our median sales price for first quarter ($189,950) reflects a downturn of 3.6% from first quarter 2009 ($197,000). Our overall average days on the market are 125, an decrease of 3 days from 4th quarter 2009. Sellers in 28451 got about 97.7% of their asking price while those in 28405 only got 92.6% of their asking price. All six zip codes had an increase in units sold over first quarter 2009.
2009 will be looked at as the year in which our market bottomed out and started to stabilize. 2010 presents us with several housing opportunities that make it the most affordable year in generations. These are just some of the reasons that now is the time to buy:
1. Home prices are down at least 10% from 2008
2. Foreclosures and Short Sales make for excellent buying opportunities
3. Mortgage rates have reached historic lows
4. We have a large housing inventory
– WRAR
Ken KeeganReal Estate Broker(910) 523-0903 mobileEmail Mewww.KenKeegan.com
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