April Residential Highlights
Comparing April 2008 to April 2007, market activity remains slow. On the other hand, month-to-month activity (March v. April) showed growth in some categories. One area of growth from March to April was pending sales, which grew 6.8% (2,070 v. 1,938). This is the first increase in pending sales from March to April since 2005. New listings also grew 2.7% (5,295 v. 5,155). Closed sales dropped 6.4% (1,582 v. 1,691). This drop is on par with the last three years, though, as closed sales have dropped an average of 6.7% from March to April. On the other hand, when comparing April 2008 with the same month in 2007, transactions were down across the board. New listings fell 2.9%. Closed sales and pending sales decreased 39% and 31%, respectively. At the month’s rate of sales, the 16,370 active residential listings would last 10.3 months, up from 9.1 months in March.
Comparing January-April 2008 with the same period a year ago, new listings were up 5.8%. Closed sales and pending sales were down 35.1% and 34.6%, respectively (see table below).
Also of note was the first decline in average sale price since August 2002 and in median sale price since May 2001 when comparing April of the current year to the same month the year prior. Average sale price dropped 3.9% and the median fell 3.5% (see table below). One factor in this price decline may be a 51.2% (21 v. 43) decrease in the number of homes sold for $1 million or more, when comparing April 2008 with April 2007. Year-to-date, sales in this price range are down 31.9% compared with the same time last year.
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