Tuesday, January 10, 2012

January New Letter

Doug's wrap up of 2011 and looking forward to the new year.
One of my favorite quotes for the New Year is: “Many people look forward to the New Year for a new start of old habits”…author unknown.

I wish you a wonderful and healthy 2012 where you attain your goals and as Oprah Winfrey once said, “Cheers to a New Year and another chance for us to get it right”.

Here are the “year end” numbers for 2011 compared to those of 2010 and 2009:

2011 2010 2009
# of residential sales 299 335 254
Average price $971,588 $1,083,745 $981,711
Median Price $575,000 $621,250 $557,500
Days on market 231 297 294

# of land sales 54 46 39
Average Price $770,867 $633,000 $508,000
Median Price $342,500 $380,000 $363,000
Days on market 261 420 455

# of condominiums 14 16 14
Average price $502,469 $425,331 $497,214
Median Price $501,250 $429,000 $367,500
Days on Market 170 376 302

The 2011 residential numbers show an 11% drop in # of sales, a 10% drop in average sales price, a 7% drop in median price and a 22% drop in number of days on market.

The 2011 land sales show positive signs in all categories. Yeah! Some good news for a change.

The 2011 condo sales have actually remained fairly constant over the 3 years. This is also good news.

These numbers are fairly consistent with what is expected as the real estate market will typically fluctuate once the “bottom” is reached. It appears that we reached the bottom of the market in 2009, saw a little reprieve in 2010 and then the current dip in 2011. This fluctuation is expected to continue for another 3 +/- years.

The New Year also brings a time to review the current market value of your property. I will be in contact with you soon to discuss your property and to review a current CMA.

All the best for the New Year.