Both residential and condo sales are down considerably from July of 2009. The number of closed residential properties were down 24.5% with only 2,632 closing in the month of July vs. 3,484 which closed in July of 2009. The average days on market was down to 84, but the number of active listings increased 13.6% to 17,983 homes currently for sale. The good news in all of this is that the average sale price did increase 7.4% to $297,218.
As for condominium sales, they too were down 34.4% from last year, with only 627 properties closed compared to 956 in July of 2009. Again, days on market was down 14.7% to just 93 days and the number of active listings increased 8.8% to 5,467 units. However, unlike residential sales, even the sale prices decreased for condo sales 6.8% to $154,209 from $165,530 from July of 2009.
August is looking like it too will trend down from August of 2009 and this is with interest rates at historic lows. If you are thinking of buying a home, this is a fantastic time. In most instances, you can find yourself with a lower house payment, than it would cost to even rent. To see what you qualify for and what your payments would be on the home of your dreams, contact any one of the professional real estate agents of Sterling Real Estate. They will be happy to help make your home dream come true!