Association president Patty Kelley says bank-owned properties and short-sales continue to have a noticeable impact on the local market, contributing to the decline in home prices. These types of properties accounted for 52.3 of homes sold in March, she says.
"We are starting to see the light at the end of the tunnel," says Association president Patty Kelley. "While local home prices are still declining, we don't anticipate that prices can get much lower because homes are now selling for less than what it would cost to build that same home today. Some analysts are predicting the bottom of the market to hit as early as later this year."
The total number of condos and townhomes sold in March was 198, up 19.3% from 166 sales in February but down 41.9% from last March, according to the report. The total number of condos and townhomes for sale in March was 5,373, unchanged from February and down 10.4% from this time last year. At the current rate, it would take two years to sell all the townhomes and condos currently on the market.
The median sales price for townhomes and condos increased 8.7% from February to $163,000 while the average sale price declined 15.1% to $283,724. The median price was 18.5% lower than this time last year while the average sale price was essentially unchanged.
Through the first quarter of the year, approximately 40% of all condos and townhomes on the market sold within 60 days. Another 27% of condos and townhomes sat on the market for more than 120 days before selling.
Single-family home sales in March totaled 1,478, up 34.6% from 1,098 homes sold in February. The number of local homes listed for sale in March was 22,763, up 1.2% from February and up 6.9% from this time last year. At the current rate, it would take more than 18 months to sell all homes currently on the market.
The median sales price was $243,169, down 1.4% from February and off by 20.3% at this time last year. The average sale price was $305,155, up 2.5% from February but down 19% from this time last year. Through the first three months of the year 47.3% of all single-family homes sold within 60 days, while another 26.7% sat on the market for more than 120 days before selling.
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