Median sales price for single family homes was up to $533,641, the highest value since 2007 checked in at $644,924. This represents a 2% increase over 2011’s median sales price of $523,666 and an $18,000 gain compared to 2010’s $515,525 average.
Condo and town home median sales price saw a significant jump to $319,680, also the highest value since 2007. Compared to the solid bump of 4% from 2010 to 2011, last year’s 8% increase meant $24,000 more to sellers.
One factor to be noted in the overall rise to median sales price is a decrease in the number of distressed homes sales. In 2012, 985 properties were sold as short sales or foreclosures, compared to 1252 in 2011. That trend should continue as these properties have been gobbled up over the last couple of years. The good news is growing at 2% per year is a sign of a more stable market and should be easier to sustain going forward.
In 2012,over 44% of the homes sold in 20 days or less. The average of 59 days on market for the year is a decrease of 14% compared to 2011’s 69. Although not as good as the 52 days it took in 2010, we’d have to go back to 2005’s 25 DOM to see homes move faster.
Additionally, sellers were able to obtain 97% of their original list price compared to 96.1% for 2011. An increase of just under 1%, this ratio was the highest we have seen since 2005 had 99.1%.
My Economics 101 professor repeatedly told me that the market is driven by supply and demand. Current inventory is extremely low, and agents in my office are frequently reporting multiple offer situations. That hasn’t happened regularly for 7 years!
So what does all this mean for you? As always, homes priced appropriately will sell quickly and should fetch more that last year. How much more? Fill out this market value report request to find out your home’s potential value.
Thinking about buying? Check out this post Heather wrote last July for some great insights on what you can expect throughout the process. Whether you are a first time buyer, purchasing new construction, looking to upgrade or downsize, we can guide you through the process. Click here to set up your first consultation.