Local housing prices continue to slide while sales rise

The average price of most types of residential property slipped down a notch in February after a short rally in January. Sales numbers climbed across the 1,000-unit threshold for the first time since October but are still below the same month sales for last year.

“It is a typical pattern that sales activity picks up as we move into spring,” said Charlie Ponde, president of the REALTORS® Association. “Listing activity also rises as homeowners enter the market in anticipation of spring activity.” There were 1,075 residential sales in February with 2,667 listings added to the MLS®. The sales-to-listing ratio was 40% and there were 7,097 homes in the inventory on February 28.

The average* price of a single family home in February was $347,309 – down 1.5% (-$5,380) as compared to January. Condo prices were down 4.9% (-$11,678) to $226,857 and duplex/rowhouses sold on average for $309,180 (a 3.3% price increase). Total residential sales through the MLS® for the month were $332 million – down 24% from the previous February. When all residential property sales are averaged the average all-residential price dropped 2.55% from January and 8.7% from a year ago. It is now $308,970 as compared to $338,347 in February 2008.