1st Quarter Real Estate Sales Jump 65%

Area real estate sales rebounded significantly in March with unit sales for the month increasing 89% over March of last year. Historically low mortgage rates, strong consumer confidence and a good selection of properties throughout the area during the 1st quarter of 2010 resulted in many buyers realizing it was the time to buy.


Unit sales activity during the 1st quarter rose sharply from the 1st quarter of last year with 388 properties changing hands this year versus 235 in the 1st quarter of 2009, an increase of 65%. The 1st quarter exhibited strong sales activity throughout most segments of the region, with sales volume of $106,750,950 up 91% over that of $55,234,868 in the first 3 months of 2009. Comparing 1st quarter 2010 to the strong 4th quarter results of 2009, unit and dollar volume are down 17% and 16% respectively, reflecting a typically quiet 1st quarter start in annual sales activity. Of the 388 sales during the 1st quarter, 200 alone occurred in March (51%) generating $57,114,570 (53%) of year-to-date 2010 sales volume. 1st quarter 2010 sales increased in every price range over the first three months of last year. Property sales below $250,000 increased 20%, 1st quarter sales between $250,000 - $500,000 increased a substantial 183% while sales from $500,000 - $1 Million increased 92%. Sales over $1 million totalled 2 properties versus 1 sale in the first quarter of 2009. Of significant note, the two sales over $1 million in March were in excess of $2 million, a price which has only been attained on two prior occasions in the MLS® sales history of the Georgian Triangle Real Estate Board. Unquestionably this spring has seen a seasonal upturn in market activity of unprecedented proportions.

The number of new MLS® listings during the 1st quarter of 2010 totals 1,457 units, up 33% from the last quarter of 2009 and 7% ahead of the 1,360 properties listed in the 1st quarter of 2009. In particular March 2010 reflected strong listing activity with 614 new listings which represents 42% of the year-to-date new listing total of 1,457 properties coming to market through the Georgian Triangle. To date, 723 listings expired in the 1st quarter of 2010 down 14% from the number of expired listings in the first three months of 2009.

While market conditions are expected to remain stable in 2nd quarter, sellers who are contemplating listing their property in the months ahead may want to do so earlier so as to avoid the added selling costs associated with the introduction of the H.S.T. on July 1st.  For additional market information specific to your area or to discuss your p[articualr real estate buying and selling needs please feel free to Contact Me with your questions.