Market Summary April-June

There were 60 sales from April to June (18 condos, 12 THs, 30 detached) which is nearly double the number for the previous quarter (14 condos, 2 THs, 16 detached). This is nearly the same number (66) as the same time period last year (22 condos, 13 THs, 31 detached). The “Spring Market” we just had was strong with townhouses and detached homes selling quickly. Condos were a bit slower but not alarmingly so. The number of all active listings on any given day stayed right at 30 for most of the quarter. In fact this has been the case for much of the past year. The price difference for detached was a lot lower compared to the Jan-March time frame. This is due to a stronger overall with no grossly overpriced homes. This was also true for condos. We can’t make a Q2 vs. Q1 comparison for townhouses as there were too few sales (2) in Jan-March.

[box type=”shadow”]NOTE: Below #s are averaged (unless otherwise noted)
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Condos:
*18 Sold
*Days on Market: 58-76……40 days excluding 3 listings in The Bryon, Spectrum, & Winter Hill
*Sold Price: $332,000, 6% above 2012 Tax Assessed Value (TAV)
*Seller Subsidy: 44% had Seller Subsidy, $4949
*Price Difference: $4,253 (between List and Sold price)

Townhouses:
*12 Sold
*Days on Market: 15….very low #
*Sold Price: $690,000, 7% above TAV
*Seller Subsidy: 33% had a seller subsidy average of $883…..a very low #
*Price Difference: $4,817 (between List and Sold price)….also a very low #

Detached:
*30 Sold
*Days on Market: 30….a low # (25 days excluding 3 poorly priced listings)
*Sold Price: $817,000, 9% above TAV
*Seller Subsidy: 23% has SS; $1634, both very low #s
*Price Difference: $28,000 (List vs. Sold price)

Rental Market Summary Q2: No change here or surprise, this part of the market remains tight. Rents have definitely gone up compared to the past 6 months. For April-June there were….

*30 rentals (12 condos, 6 THs, 12 detached)
*Days on Market: A mere 13 days……incredibly fast.
*Price Ranges: Condo: $1450-3100; TH:$2500-4000; Detached: $2200-4400

As of mid-July, there were only 10 Active rentals—1 house and 9 condos. Five of the condos are in Roosevelt Towers. and are essentially permanent rentals, i.e. they’ve been in MLS for years. So taking them out, you’re left with 1 house and 4 condos. Talk about a tight market. Because of this, listings are getting multiple applications and usually rents above list price.

[box type=”shadow”]NOTE: Not all rentals are listed in MLS. Some are done privately or on-line (Craig’s List, Military by Owner, etc.). So the stats here don’t show everything. However we’re confident they capture the overall trend.
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