April Rally in Re-Sale Market

April resale housing results reflected resurgence in the local re-sale housing market. There were 23 single family residential sales recorded in Pelham during the month of April 2009 compared to 19 during April 2008. This monthly jump has significantly improved the year-to-date percentage change figure from the -32.5 % reported during the 1st quarter of 2009 to a more modest decline of 15.2% for the period of January-April 2009.

The combination of bargain basement interest rates along with an average price level that is 4.4% lower than a year ago is stimulating more buyers to return to the real estate market. Although there has been a boost in sales activity, the 12 month average sale price shifted downward .7% from the March 2009 figure of $296,804 to the April month end result of $294,827.

There have been a total of 157 single family homes listed on the Pelham market between January and April of 2009 compared to 146 during the time frame last year, representing a 7.5% increase in inventory selection. A total of 50 homes have been sold from January – April 2009.

The outstanding affordability of re-sale housing is luring buyers from their long winter hibernation. Sellers have adapted their expectations and are taking more realistic approaches to pricing.

Job stability seems to be the only fly in the ointment that casts a continuing shadow of doubt on the sustainability of the current surge. However, for today, let us cast any negative thoughts aside and bask in the optimism of a sunny spring rally.

Categories: Real Estate Market Update

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