Market Musings – 3 Weeks Into 2009January 22, 2009
Are you ready for a 2009 update?
Lets kick it off with Single Family Homes.
As I write this, there have been 43 closed sales of single family homes since the 1st of the year. Interestingly, 42% of this year’s sales have taken place in District 10 with 58% taking place in Districts 1-9. The discrepancy between asking prices and selling prices is small– homes have sold for 98.88% of their asking prices using averages and 98.65% using medians.
The median marketing time is 44 days and the average is 55.
How many single family homes are available for purchase right now? MLS indicates 484 with a median asking price of $799,000. There are an additional 212 homes that are under contract or currently pending (pending means that they are under contract and that all contingencies have been removed).
We have had 23 listings expire and 44 withdrawn since the 1st of the year.
Next up, the Condominium market:
The condo market has shown less activity, with just 18 sales in 2009. Condos are selling for 95.69% of asking prices thus far using averages, and 95.43% using medians.
Marketing times are a little longer than single family homes, with 75 days as the average and 73 as the median.
How many condos are available for purchase right now? MLS indicates 522 with a median asking price of $724,750. Keep in mind, this does not include condos for sale in most new developments, as developers are reluctant to list more than a couple of their units in the MLS. There are currently 172 condos under contract or pending.
We have had 19 listings expire and 44 withdrawn since the 1st of the year.
And how about the Tenancy In Common (TIC) market?
Just 8 sales in the City so far for TIC’s in 2009. It’s tough to get trends out of just 8 data points, but these TICs have sold for 97.71% of asking using averages and 98.19% using medians.
There are currently 170 units for sale with an additional 46 TIC units under contract or pending at this time.