The December 2009 Adams Realtors Intown Market Survey once again had the Average Sales Price for the overall market down by 8%. In 2007-2008 the Average Sales Price was $394,932. For the last 12 months the Average Sales Price was $365,108. This month’s Average Sales Price number was down from last month’s average by a little less that 1% (.9%). Last month, the Average Sales Price figure was up over October by about $100. It appears that we are bouncing along the bottom with one month being slightly positive and the next month being slightly negative. Let’s hope that this is the real bottom of the market and not a false bottom!
The Average Days on the Market was up by just 1% from 80 to 81. The November report for the prior 12 months had 84 days as the average number of days on the market so this category has improved slightly over the last 30 days. The Number of Units Sold fell from 1,781 in 2007-2008 to 1,438 in the last year, a drop of 19%. In November, the figure for the previous 12 months was 1,410. Thus, a good sign is the number of transactions from last month was up by almost 2%
Total Sales Volume for the market was down 29% from $597,488,145 in ’07-’08 to $423,301,844 in ’08-’09. This month’s Sales Volume number represented an increase of .95% from November’s annual total of $419,314,800.
The good news this month is that although the Average Sales Price fell slightly, the Number of Days on the market dropped by 3 days (a positive move) and the Number of Units Sold was up along with the Annual Sales Volume. What we are experiencing is the results of foreclosures and short sales putting some downward pressure on the Average Sales Price numbers and the tax credit stimulating more transactions than last year. I expect that the market will continue along this strange path for the next several months.
We will breakdown the overall market beginning with the Intown South neighborhoods in our next posting.