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The April 2011 Analysis Wrap-up is now available. Below is a quick overview of how the month ended. If you would like additional information on a specific area or more details, please email me for the full report.
Closed Sales by Average Asked per Sold Ratio
Months Supply of Inventory (MSI) Decreases
The total housing inventory at the end of April 2011 decreased 15.35% to 2,851 existing homes available for sale. Over the last 12 months this area has had an average of 237 closed sales per month. This represents an unsold inventory index of 12.05 MSI for this period.
Average Sale Prices Falling
According to the preliminary trends, this market area has experienced some downward momentum with the decline of Average Price this month. Prices dipped 16.01% in April 2011
to $157,609 versus the previous year at $187,663.
Closed Sales by Average Days on Market
Average Days on Market Lengthens
The average number of 84.63 days that homes spent on the market before selling increased by 1.97 days or 2.38% in April 2011 compared to last year’s same month at 82.66 DOM.
Sales Success for April 2011 is Positive
Overall, with Average Prices falling and Days on Market increasing, the Listed versus Closed Ratio finished strong this month.
Central Virginia Real Estate Analysis per Sold Ratio
There were 658 New Listings in April 2011, down 24.71% from last year at 874. Furthermore, there were 220 Closed Sales this month versus last year at 292, a 9.3% decrease.
Closed versus Listed trends yielded a 33.4% ratio, up from last year’s April 2011 at 33.4%, a 0.07% upswing. This will certainly create pressure on a decreasing Month’s Supply of Inventory (MSI) in the following months to come.