After the surprising spike in activity recorded during the month of December, it would seem we bounced right back into a more settled residential real estate market for the month of January.
In October and November we saw a two month, typical holiday season trend, where sales volume settle down for 2 consecutive months in a row. This coming right after we experienced the highest monthly sales volume for the calendar year of 2011 during the month of September. As previosuly reported, in December we climbed right back up to 115 new pending sales, gaining back nearly half of the drop posted month to month from October to November. The January 2012 numbers posted drops in both volume and pricing.
In January 2012 we saw 101 new pending sales come together in our local market area. That represents a 12.17% decrease in sales volume, month-to-month, from the 115 new pending sales realized the month prior. However, this number seems to be well within a fairly typical range for the month of January when we compare it to the 98 pending sales posted in January 2011 and the 102 pending sales recorded in January 2010.
In the pricing categories, we saw that both median and mean selling prices posted significant drops. When compared to December 2011, the month of January 2012 experienced a 10.48% decrease in the median sale price recorded at $170,000 and a 12.86% decrease in the mean sale price that was tallied at $191,694.
These sales statistics cover the towns of Dartmouth, Fall River, Little Compton, RI, Somerset, Swansea, Tiverton, RI, and Westport. They reveal monthly activity for residential properties that went under agreement from 01/01/2012 through to 01/31/2012 in our local market area as serviced by the H3MLS-Property Information Network.
Don't forget that this time of year generally marks the quieter months in our local real estate market and that can translate into enhanced buyer opportunities, especially with the historically low mortgage interest rates that are being made available. So, if you're ready to jump off the fence and into the local real estate 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, make sure you neither under sell or over pay for your property, and to help you out along the way!
We are ready to serve all of your local real estate appraisal and brokerage needs. Our coverage area includes the southcoast region of Massachusetts and the east bay region of Rhode Island. Please feel free to contact us today!