March activity back on the rise

While the year began with a whimper with sales down 8 % over the first two months, March transactions reversed that trend rising 1% versus the year ago period and 43% from February to 119 sales. Dollar volume was even more impressive rising 30% over last year and more than 50% from the prior month to $60.8 million. That has reduced our year-to-date transaction deficit to 4% while our dollar sales so far this year are up 9% to $153.3 million.
Average selling prices (ASPs)also moved up smartly in the month. Year-to-date, the ASP for single family homes has totaled $844,781, up 11% from this time last year and up 12% for all of 2013. Multi-family ASPs are up 20% YTD compared to the first 3 months of 2013 and 7% from the 2013 full year average. Once again I warn that the ASP numbers can be a little misleading as they often reflect a change in mix as much if not more than actual rising prices.
March definitely was helped by some high end sales in the single family category. That month saw five sales over a million vs eight in the first two months, and two sales in the 2-3 million range where as neither January or February saw a sale at that price point.
Nevertheless, when comparing properties within complexes there does appear to be a definite upward trend in sales price , especially in higher-end neighborhoods.

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