Real estate appraiser, Jim Kelley, has compiled the January – July 2012 real estate market trends update.
Highlights of the statistics show:
- The number of residences sold is up from same time last year. 553 in 2011, 733 in 2012 – a 32.5% increase.
- However, the median price of homes sold dropped 4.8% from $190,100 to $180,900. Homes in the lower end price bracket are driving the market.
- 41.5% of sales are still bank-owned (REO) and short sales, while they account for only 9.6% of the available listings.
- Land sales, year to date, which dragged in 2011 are showing signs of recovery. 116 sold in 2011 vs. 169 sold in 2012 making a 45.7% increase. Median prices again remained soft though, down from a median of $85,000 to $62,250.
So, sales are up but bargain shoppers and sellers willing to deal are moving the market along.
