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April Market Update

Sales are increasing as we approach the busy summer months for real estate.  There were 4,671 sales in March, a 20.3% increase from March, 2009.  The median price was $120,000, which is 10.4% less than a year ago.  1809 of the sales were bank owned, sold at a median price of $124,000.  There were 899 short sales with a median price of $120,000.  425 properties sold at auction for a median price of $95,000.  There were 1,538 nondistressed (regular resale) sales at a median price of $123,000.  For the first time short sales sold for a lower median price than bank owned properties.  The reason the REO (bank owned) sales are higher is because these homes were larger on average and more upscale than earlier foreclosures.  Previous REOs were primiarly entry-level homes on which subprime loans had been made.  Houses being taken back by banks now tend to be higher priced and not necessarily from a subprime borrower.

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