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Holy cow! These are some pretty big numbers. The RMLS released their market stats today, and I liked what I’m seeing.
The March 2010 to March 2011 comparisons were pretty rough, but expected. Last year at this time we were headed toward the deadline of the First Time Home Buyer Tax Credit. This year, we’re just looking at nice market activity.
I’m really impressed by the jump in the month-to-month numbers. Comparing March to the previous month, we saw a 50% increase in the number of closed sales, a 26% increase in the number of pending transactions, a 3.8 month decrease in the inventory of listings and a jump in the average sale price from $244,500 to $261,100.
Keep in mind that this is the start of our buying season and that we typically see a jump in activity at this time of year, but these numbers were more than I was expecting.
See the excerpt from RMLS’s March 2011 “Market Action” below.
March Residential Highlights
While sales activity was down in March 2011 compared with March 2010, activity increased compared to the previous month of February 2011. Additionally, inventory in the
Closed sales were down 10.2% in March 2011 compared to March 2010. Pending sales were down 16.2%, and new listings dropped 38.7%.
Comparing February 2011 with March 2011, closed sales jumped from 1,074 to 1,615 (50.4%). Pending sales also increased from 1,592 to 2,014 (26.5%). New listings grew from 2,883 to 3,056 (6%).
At the month’s rate of sales, the 11,458 active residential listings would last about 7.1 months.
Average sale price for March 2011 declined 6.8% compared to March 2010. Median sale price also fell 10%.
Month to month, comparing February 2011 to March 2011, sale prices increased. Average sale price went up from $244,500 to $261,100 (6.8%) while median sale price also increased from $213,700 to $215,000 (0.6%).