The April 2009 ADAMS REALTORS Intown Market Survey had the following overall results:
Average Sales Price fell from $433,471 in 2007-2008 to $381,786 in 2008-2009 a drop of 12%
The Average Days on the Market increased by only one day from 76 to 77 or a 2% increase.
The Total Number of Units Sold decreased from 1,959 last year to 1,644 in the last 12 months. A fall of 16%.
Total Sales Volume fell by 30% from $724,018,485 in ’07-’08 to $508,740,815 in ’08-’09.
The bright spot in the market continues to be that the Number of Days on the Market in relatively unchanged. This means that both Sellers and their Real Estate Agents are becoming more realistic about pricing properties.
The huge negative is the drop in Average Sales Price when combined with the fall in the Number of Units Sold caused a $215,277,670 decrease in year over year Sales Volume.
Our next posting will cover the Intown South Market.