Although area real estate sales dipped slightly in March versus March 2011, MLS® sales activity reported through the Georgian Triangle Association of REALTORS® posted a healthy gain of 16% for the 1st quarter of 2012 with 403 properties changing hands in the first three months of the year versus 347 in the 1st quarter of 2011. Overall, 1st quarter sales volume in 2012 totalled $117.9 million reflecting a 6.4% increase over 1st quarter 2011 sales of $110.9 million.
Sales activity in several price ranges showed a marked improvement in the 1st quarter of 2012 compared to the same period last year. Unit sales below $250,000 totalled 209 in the 1st quarter of 2012 marking a 12.3% increase over 1st quarter 2011 results; in the $250,000 - $499,999 price range, 1st quarter sales of 154 properties represented a significant 30.5% increase over the 1st quarter of 2011. In the $500,000 - $999,999 price range, 1st quarter sales of 31 properties reflected a slightly weaker demand in this price range for 2012, compared to the 33 properties sold in the 1st quarter of 2011. Lastly, sales activity in the $1 million plus price range during the 1st quarter of 2012 totalled 9 properties, compared to the 10 homes sold over $1 million in the 1st quarter of 2011.
The number of new MLS® listings during the 1st quarter of 2012 totalled 1,628 units, up 8.9% from the 1st quarter of 2011. The number of expired listings year-to-date 2012 totalled 802 properties, up 16.2% over the same period last year. First quarter's statistics reflect the fact that 1 in every 4 houses listed for sale actually sell. Despite sales being up, we still have a lot of slow moving, over-priced properties on the market that buyers are refusing to make offers on.
The month of March was the strongest month for new listings in the first quarter, with 618 new MLS® listings and 172 sales. This is typical once spring arrives as most sellers believe their properties present themselves better once the snow has gone and yards begin to green back up.
In my next post I will review sales activity in the various municipalities around our area year-to-date compared to one year ago.
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