Wednesday, March 19, 2008

February Home Sales Report

Better late than never - the February Home Sales Report numbers from KAARMLS are up. Let's start with the good news first:

Average condo sales price is up.
Feb '07 - $164,300
Feb '08 - $169,500

Average sales price for homes with 4 or more bedrooms is up.
Feb '07 - $293,700
Feb '08 - $303,000
Now for the not so good news -

Average sales price for 3 BR homes is down.
Feb '07 - $182,700
Feb '08 - $155,000

Median sales price for 3 BR homes is down.
Feb '07 - $141,600
Feb '08 - $145,000
Median sales price for homes with 4 or more bedrooms is down.
Feb '07 - $249,300
Feb '08 - $240,000

Total number of single family unit sales is down.
Feb '07 - 1,160
Feb '08 - 902

Days on market is up.
Feb '07 - 94
Feb '08 - 100

And finally, here's the "sellers are either in total denial or are eternal optimists" news:

Average listing price for new listings is up.
Feb '07 - $246,100
Feb '08 - $264,600

So, here's my not so scientific analysis:

1. The condo market is still chugging right along.

2. Residential sales are still soft*.

3. Sellers think it's still 2005.


*Please keep in mind that lower average sales price and lower median sales price do not necessarily mean that your personal home has depreciated.

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