So how was the market in 2011 now that we’re almost a month into 2012? In a nutshell, a good year for recovery and growth. The year was fueled by fewer numbers of short sales and foreclosures, along with fewer sales and less inventory, which helped increase sales prices throughout the county. Since we clearly hit the bottom in the winter of 2009, the past 2 years have been steady recovery and growth from year to year, which should position 2012 and 2013 for years of more growth and higher prices. Here’s some stats on how 2011 performed:
- Decrease in short sales and foreclosures: 2011 market share was 7.7%, down from 9.9% in 2010
- Fewer closed sales: Down 10.3%
- Fewer new listings: Down 9.1%
- Increase in Days on the Market: 61 from 55 (surprising given the decrease in inventory)
- Increase of % sold compared to Original List Price: 95.8% up from 95.6% in 2010
- ….drumroll please…..Median Sale Price for Closed Sales: UP 3.6% (2010 prices were up 4.4% from 2009) so back to back years of increases
Remember, these are overall County statistics for the year. Based on your property type and location, the numbers will be different (some much better, some worse).