The November 2009 Adams Realtors Intown Market Survey showed the Average Sales Price for the overall market continued its downward trend by 8%. In 2007-2008 the Average Sales Price was $400,421. For the last 12 months the Average Sales Price was $368,537. This month’s Average Sales Price number was up over October’s 12 month average by a little less than $100, still a positive trend.
The Average Days on the Market jumped 12% from 75 to 84. The October report also had 84 as the average number of days on the market so this category was unchanged from last month. The Number of Units Sold fell from 1,792 in 2007-2008 to 1,410 in the last year, a drop of 21%. In October, the figure for the previous 12 months was 1,432. Thus, November had a fall of about 1.5% in the number of transactions from last month.
Total Sales Volume for the market was down 31% from $608,864,310 in ’07-’08 to $419,314,800 in ’08-’09. This month’s Sales Volume number represented a drop of 1.2% from October’s 12 months total of $424,367,220.
The good news in this month’s survey is that the Average Sales Price and the Number of Days on the market was slightly positive or unchanged from October’s numbers. Could this be a sign of some stability in the marketplace? The other good news is the extension of the First Time Buyer Tax Credit until next Spring and the addition of the “move up” buyer tax credit of $6,500 should bring more buyers into the market. The bad news is that the number of Units Sold was down from October and this also is a drag on the Sales Volume number.
We will breakdown the overall market beginning with the Intown South neighborhoods in our next posting.