Median prices still continue to drop. According to RANM President Debbie Rogers, “The July 2012 median of $170,000 reflects the number of distressed properties still being included in the market. In July of 2011, the reported median was $177,000; July 2010 reported median was $180,000.” Median price indicates half the properties sold for more and half for less.
The July numbers also mean the year-to-date number of sales and median prices reflect an increase in sales and a decrease in price compared to the same period during 2011 and 2010. 8,420 sales have been reported during the first seven months of 2012. 7,591 sale were reported for January through July of 2011 and 8,195 sales were reported during this period in 2010.
The 2012 year-to-date median price is reported at $165,000. 2011 January through July median was $167,500; 2010 median for same period was $172,500.
The silver lining is that sales numbers continue to climb and median prices are dropping at a slower pace than previously. From 2010 to 2011 (for the first seven months of the year) median prices dropped 2.9 percent; from 2011 to 2012, median prices dropped 1.5 percent. Steven Anaya, executive vice president of RANM, offers more optimism, citing the July REALTORS Confidence Index Report, which indicates time on the market when a property is sold has been declining. “Approximately a third of REALTORS nationally noted that recently sold properties were on the market for less than a month when sold, and 59 percent were sold within three months.”
The trends and numbers reported are only a snapshot of market activity. If you are interested in buying or selling, consult a REALTOR familiar with your market area; he/she can provide information on specific trends in your neighborhood.