Following two months of modest yet steady improvement through April and May, area real estate sales in the month of June rebounded significantly. Monthly unit sales reported through the MLS® system of the Georgian Triangle Real Estate Board increased 16% in June versus the same month last year. A total of 206 sales were reported for the month as compared to 177 in June 2008. Of note, sales activity at the upper end of the market has continued to show strong gains. In June, 15 sales were reported between $400,000 and $500,000 whereas in June 2008 there were only 8. In addition, 2 sales were made in June over $1 million compared to none in June 2008, bringing the total of $1 million+ sales for the year to 6 versus 4 in the first 6 months of 2008.Year-to-date sales to the end of June reflect a 19% drop from the same period last year however the overall trend as reflected in the accompanying graph shows a steady improvement. The number of new listings coming onto the market has declined considerably in recent months. New listings year-to-date total 3,055 properties, a decline of 5% over last year. Expired listings however continue to increase, up 31% of the first 6 months of 2008. The increase in the number of expired listings coincides with the annual year-to-date shortfall in sales although many properties remain over-priced relative to current market values.
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