April 2011 was, seemingly, another fairly typical spring time market here in our little corner of the world. Although sales volume was down from the spike we saw in March, the good news is that sale prices have seen a sizeable increase, erasing the dip we realized in March in the mean and median prices recorded.
The total sales volume was down approximately 7.35% from the 136 properties that went under agreement in March. 126 new properties went under agreement during the month of April and, as expected, this continues to be well above our winter lows of 95 and 99 pending sales posted this past December and January.
These monthly statistics cover residential properties for the towns of Dartmouth, Fall River, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport. They reveal a respectable level of activity for residential properties that went under agreement from 04/01/2011 through to 04/30/2011 in our local market area serviced by MLS-Property Information Network.
New pending sales data for April indicate a median and average sale price of $209,900. and $259,502., respectively. Both of these prices show a sizeable month to month increase. The median price is up approximately 6.8% from March 2011 and the average sale price is up a total of 13%. Although a positive sign, this may just be a continuation in the trend of fluctuating pricing that has been occuring for an extended period of time as we, seemingly, continue to hover at / near the bottom of this local real estate market cycle.
With interest rates at relatively low levels, adequate funding available to qualified applicants and continuing growth in labor markets, this is quite an opportune time to buy!
If you're ready to jump into the market and take advantage of the opportunities that exist, contact us today to determine your options as either a buyer or a seller. We're here to work through the complexities of the local real estate market and to help you out!