The local real estate market activity for the month of May was identical to April 2011 in two of three categories. As we continue with a fairly typical spring time market trend here in the greater Fall River area, total sales volume was identical to that recorded in April, as was the median sale price. We did, however, realize a dip in the average sale price. This drop in average sale price continues the seesawing that we've been experiencing for an extended period.
The total sales volume was notched at 126 new properties that went under agreement during the month of May and, as is typically the case, this continues our spring time activity that, again, is well above the winter lows of 95 and 99 pending sales posted this past December and January.
New pending sales data for the month of May 2011 indicate a median and average sale price of $209,900. and $237,934., respectively. While the median sale price showed no movement from April, the average price was down approximately 8.3% from April 2011 rebounding from the 13% increase in average sale price experienced from March to April. So, all in all, the month of May seemed to be a continuation in the trend of fluctuating pricing that has been occurring for an extended period of time as we, seemingly, continue to hover at / near the bottom of this local real estate market cycle.
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 05/01/2011 through to 05/31/2011 in our local market area serviced by the H3MLS-Property Information Network.
With interest rates at such low levels and adequate funding available to qualified applicants, 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!