
Due to a surge in the number of new listings taken, the first half of 2010 has ended with balanced market conditions.
Inside the city there were 302 sales, a decrease of 10% from 335 sales in 2009. June was the second consecutive month that sales were down year-over-year although they remain above historical levels.
For the entire MLS® System, including all geographic areas, 340 sales took place in June, down 12% from 385 posted in 2009.
The monthly average sales price of $274,673 set a new high for any month and broke the $270,000 mark for the first time. The average price inside the city surpassed $280,000 for the first time coming in at $281,032 and was up 14% from 2009’s $246,179.
For the year-to-date there have been 1,883 residential properties sold, an increase of 6% from last year at th is time. Average price for the year to date was $257,463, up 5% over last year’s $245,658.
Homes sold in June were on the market for an average of 32 days before selling compared to 34 in May of 2010.
Although sales and demand levels continue to be steady, the increase in active listings on the market has provided more time for buyers to make a buying decision, which, in turn, has contributed to fewer sales on a year-over-year basis the last couple of months.
Going into 2010 we had some concern that there may not be sufficient supply to satisfy expected levels of demand during the year. The growth in the number of active listings has allayed these concerns and has, by in large, provided buyers with a wider choice of homes and kept significant upward pressure on prices in check.
If the supply side continues as it is now, we expect that balanced market conditions will prevail for much of the remainder of the year.