How's The Market 2012?
The 1st quarter 2012 compared with 2011 has proven to be very, very interesting...
Single family homes sales were up 50% - 54 sold last year vs. 81 this year. 41% were in the $500K to $1Mil range and 36% were $1 Mil to $1.5 Mil. The 2011 average sale price for single family homes was $541,926 in 2011 and this year it was $748,356. That's a 7.2% jump!
Duplex and townhome sales were pretty much flat in sales and average sale prices, but condos took a pretty good hit in sales being off 21.4% and sale prices also off 16.1%
Of course, condo sales are often off in the 1st quarter as rental occupancies preclude showings and it is a bit hard to sell sight unseen.
Another interesting aspect to the 1sr quarter puzzle...new properties listed for sale are down 12%. Hmm, fewer properties to buy bodes well for at least stabler prices, maybe continued pressure upward???
Still early in the new year, and we will get a better picture when as the year progresses.
What I do know is, 2012 is the best time to buy in over 20 years! Buyers needed!
Click on this link to see all market stats for 2012 - All Market Stats
Now to the National Investment front - The National Association of Realtors(NAR) report in their 2012 Investment and Vacation Home Buyers Survey showed that investment/vacation home sales surged an extraordinary 64.5% to 1.23 million last year from 749,000 in 2010.
To read the full report - NAR: Vacation Home Survey Report