December 2010's market results are mixed bag of figures

1/12/2011

We can look at market surveys in so many different ways, but this simple analysis for the period ending December 31, 2010 shows a mixture of basic market indicators. First, local market activity for the month of December shows yet another dip in total sales volume with only 95 new pending sales posted for the period of 11/30/2010 through to 12/31/2010. That's an 18.1% drop in total residential sales volume from a month earlier when we reported 116 new pending sales covering the same geographic area of Dartmouth, Fall River, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport. This is a very typical trend for this time of year in our area yet it marks the 3rd consecutive month of lowering sales volume.

Secondly, residential properties that went under agreement from 11/30/2010 through to 12/31/2010 reveal a current median and average sale price of $189,950. and $263,135., respectively. This information shows us a large month to month drop in median sale price of 17.4%, but a slight increase in average sale price, up 0.7% from November's average sale price of $261,145..

Last but not least, year over year statistics for residential properties in the same local market area for the year ending December 31, 2010 reveal a total sales volume of 1,405 properties that went under agreement which is down from 1,501 that went under agreement during the same calendar period of 2009. That's a 6.3% drop in total residential property sales volume. 2010 realized a median and average residential sale price of $199,000. and $268,723., respectivly. While the median sale price remained nearly unchanged, (down 0.4%), year over year, the average sale price was down 5.3% from a year earlier mark of $283,738..