Thursday, April 2, 2009

The Positive Trend Continues

This March we had 210 sales which is almost a 30% increase over February's activity. Twenty-five homes sold in 2 weeks or less. The average sales price was $451,000 which is about 10% below March '08's average of $500,000 however, sale prices seem to be holding from the initial decline established before Christmas. So far this year prices are holding and sales volumes keep climbing.

Six of the 210 sales were over one million dollars with fifty sales between $500,000 and a million. Almost 75% of the sales were below $500,000 which is similar to March '08's 70%. The upper end , homes above a million, had 17 sales in March '08. It's time we see more sales in the upper end and we will soon see if April's activity can deliver.

Mortgage rates are the lowest in over fifty years with 5 year money hovering the 4% rate and 10 year money can be had for the recent 5 year rates from last fall. And that's amazing! Think of the comfort for first time buyers in knowing that their payment can remain the same for 10 years.