Dollar volume for March was up 32.6% to $126 Mil.
Days on Market averaged 67 in March. On average a home sold in a week’s less time in March than in February.
New homes sold in March totaled 137, an increase of 49% compared to new homes sold in March of 2012. However…sales of existing homes were down 5% in March; for the third month in a row. More on improving inventory later.
Historically, March sales increase by more than 30% from February as we ramp up towards Spring. March 2013 sales increased by 19% from February 2013.
Of our total sales in March… 18% were distressed (100 total sales)….down 5% from March 2013. This is the first time that “Distressed Sales” have been less than 20% of “Total Sales” in at least five years! In March 2012, 44% of our sales were distressed. February 2012 started a noticeable decline in distressed property sales. In March 2013 41% of distressed properties were REOs (41 total sales ) and 59% were short sales (60 total sales).
March median home price was $186,750; up 22% from March 2012. Median home price is above $180,000 for three months running. We continue to outpace our national recovery; according to NAR’s most recent report.
Now here’s something really interesting…the number of Existing Homes for sale has increased by 10% from 1,108 to 1,223. A the same time the number of New Homes available has increased only 1%. With Existing Homes median price up 22% YTD it’s clear that more owners are getting their relationship with their mortgage “right side up” and electing to list their homes for sale.