March Residential Highlights
Comparing March 2012 with March 2011 shows improvement in both pending and closed sales, which were also up compared to the previous month. There were 2,272 accepted offers, 12.8% more than the 2,014 reported in March 2011 and 7.7% more than the 2,109 in the previous month. The 1,694 closed sales represent a 4.9% increase over the same month last year, when 1,615 were recorded, and 34.2% more than the 1,262 sales in February.
New listings this March (2,886) were down compared to March last year (3,056), but rose 15.8% compared to February (2,492). The combination of fewer new listings and more closed sales contributed to the lowest unsold inventory since June 2007. It would take only five months to sell the 8,391 active listings at the March rate of sales.
First Quarter Report Comparing first quarter 2012 with the same period in 2011 shows closed sales increased 12.2%. There were more closed sales in the first three months of 2012 than in any first quarter since 2007. Pending sales were up by 18.2% in the quarterly comparison, with new listings decreasing by 12.0%.
A comparison of first quarter prices this year and last shows average sales price declined less than one half percent. The average sale price was $251,700 in the first quarter of this year and $252,800 in the comparable period last year. The median sale price decreased 1.4% ($212,000 this year and $215,00 in 2011). Total days on market decreased by 17.9%, going from 165 in the first quarter last year to 135 in the first quarter of 2012.
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Information courtesy of RMLS.
