The local residential real estate market remains strong through the month of April with only slightly softer sales volume posted, down from the high posted in March 2012. Additionally, the median price saw continued growth while the median price dropped a bit and inventory levels are, reportedly, beginning to drop. Although no one can be sure how long this confidence in the market will last, we'll certainly learn to live with all of this good news, at least for now.
To recap the year so far, in January 2012 we logged 101 new pending sales coming together in our local market service area. That represented a 12.17% decrease in overall sales volume, month-to-month, from the 115 new pending sales realized the month prior. In February we gained back that loss, and then some, posting 122 new pending sales, representing a 20.79% increase in sales volume. During March, the local real estate market posted 172 new pending sales for a 48.98% increase in sales volume, month-to-month. More recently, in April we tally 149 new pending sales for a drop of 13.37%, month-to-month although, we note that year over year, this represents an 18.25% increase when compared to April 2011 when we posted 126 new pending sales for that month.
Likewise, in January we saw both median and mean selling prices post significant drops when compared to December 2011. Then, during the month of February we saw that the median price moved up to $184,900, increasing 8.77% from the month earlier. Additionally, the mean sale price rose by 4.86% for the month tallied at $201,003. Taking its lead from the month earlier the local real estate market in March, again, saw increases in both median and mean sale prices, rising 2.07% and 24.10%, respectively in each category. During April we see that the median sale price has increased again by 5.13% up to $200,000. but the mean sale price dropped by 8.38% down to $228,532.
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 04/01/2012 through to 04/30/2012 in our local market area as serviced by the H3MLS-Property Information Network.
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!