31May2008

What Were the Actual Numbers for April 2008?

Posted by staceysloan under: Housing and Economy; Buying a Home; Housing Recovery; Selling a Home.

The total number of sales was 2,166 for all properties including single- family resale, condominiums and new homes.  The median price hit $500,000 and the median price for a condo was $390,000.  The most significant of the numbers is where the sales fall by price range.  This is most telling of a market that is close to the bottom.  The most sales are happening in the lowest price ranges.  There were 549 sales under $400,000 and another 424 from $400,000 to $500,000.  There were only 194 sales from $600,000 to $700,000 and only 518 over $700,000.  That is not a large number for the over $700,000 when you consider the number includes all the coastal parts of the county.  The positive spin on these numbers is that we are planting the seeds for the next “normal” real estate cycle.  All these entry level buyers will become move up buyers in the next cycle.