In the September 2009 Adams Realtors Intown Market Survey, the Average Sales Price for the overall market (18 neighborhoods and 5 small cities) was down by 9%. In 2007-2008 the Average Sales Price was $425,515. For the last 12 months the Average Sales Price was $385,474. Last month the 12 month average was $389,010, so in the last 30 days prices have eroded by slightly less than 1%.
The Average Days on the Market jumped 2% from 82 to 83. The August report also had 83 as the average number of days on the market. The Number of Units Sold fell from 1,794 in 2007-2008 to 1,421 in the last year, a drop of 21%. In August, the figure for the previous 12 months was 1,490, almost 5% more than September’s numbers.
Total Sales Volume for the market was down 34% from $631,662,647 in ’07-’08 to $419,683,700 in ’08-’09. Augusts’ 12 months total was $445,424,505, almost 6% higher than this month’s numbers.
Although antidotal information suggests that the market is improving, the actual numbers continue to reflect the deterioration of the market. I won’t get too excited until the Average Sales Price stays flat for several months and the Number of Units Sold begins to turn around. We will breakdown the overall market beginning with the Intown South neighborhoods in our next posting.