Most metrics and trends indicate a positive start to 2012. After an uptick in January, Single Family Residential (SFR) SFR and Condo inventories fell in February. As compared to levels one year ago, SFR and Condo inventory fell 10.3% and 7.3%, respectively. However, SFR distressed inventory continued to rise for the third straight month. SFR sales continued its strong start in 2012. As compared to prior month and prior year levels, February SFR sales are up 9.8%. Year to date, SFR sales are up 9.7% vs. 2011 levels. SFR median sales price rebounded to $180,000, its highest level in seven months. This increase was attributed to higher sales prices of distressed properties and a lower percentage of distressed sales. After a slow January, Condo sales increased 36% from prior month and 8.4% from February, 2011 levels. Year to date, Condo sales are up 3.1% as compared to 2011. Although sales are up from prior levels, condo median sales price remains at $95,000. The depressed sales price is driven by distressed sales (34%) and cash transactions (74%). Although slow and steady, Residential Lot sales activity continues to improve as sales are up 51% as compared to same time last year. Additionally, the Residential Lot prices appear to have stabilized at $37,500.
Median Sales Price