Click the link below to view the Market Report for July.
http://www.myjrw.com/documents/Forms/MarketReportJuly2009.pdf
It is interesting to note that median sales price dropped slightly from the level it has held since January (less than 3%), due to the fact that there were over 3,000 closings in the price segment under $250,000.
Although properties priced under $250,000 continue to dominate the market, the $1,000,000 - $2,000,000 price category posted a 35% gain over July 2008. We will continue to monitor all segments over $1,000,000 to see if this signals the beginning of a trend for the upper end market.
Available inventory continues to fall with single family homes showing a 24% decline from July 2008 levels, and condominiums dropping by 12%.
August, traditionally one of the slower months for pended sales, is substantially outpacing August 2008 through the first week. We expect this trend to continue throughout the month and to strengthen as we approach “season”. Price is still king in terms of attracting buyers, and properties priced to the current market are once again creating multiple offer situations in many cases.
Information provided by:
Dottie Babcock, CCIM, CRB
Chief Operating Officer
John R. Wood Realtors
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