In the October 2009 Adams Realtors Intown Market Survey, the Average Sales Price for the overall market continued the downward trend by 9%. In 2007-2008 the Average Sales Price was $403,878. For the last 12 months the Average Sales Price was $368,424. Last month the 12 month average was $385,474, so in the last 30 days prices have eroded by 4.6%.
The Average Days on the Market jumped 11% from 76 to 84. The September report had 83 as the average number of days on the market so this category was up by about 1% from last month. The Number of Units Sold fell from 1,809 in 2007-2008 to 1,432 in the last year, a drop of 21%. In September, the figure for the previous 12 months was 1,421. Thus, October registered an improvement of less than 1% over September.
Total Sales Volume for the market was down 32% from $622,817,402 in ’07-’08 to $424,367,220 in ’08-’09. September’s 12 months total was $419,682,700. Once again, October’s numbers looked slightly better than they did 30 days ago.
This month’s survey has a mixture of good news and bad news. The bad news is that prices are continuing to weaken. If the rate of decline since the September report was annualized it would be a whopping 55% drop in Average Sales Price. The decrease in this category is probably due to the rising number of REO properties in the marketplace.
The good news is that the number of transactions was up over September by about 1%. This increase may be a result of first time buyers jumping in to take advantage of the tax credit or it may indicate a bit of pent up demand from folks that feel like the economy is on the road to recovery. The increase in the number of transactions also caused the Sales Volume numbers to be up over September, another good sign.
We will breakdown the overall market beginning with the Intown South neighborhoods in our next posting.