Our local REALTOR Association just released a 2009 Real Estate Summary. It's fascinating. We have summarized some of the key pieces of information as they relate to the City of Savage below.
1. 2009 saw a new record for housing affordability, with mortgage rates scraping historic lows. Housing prices remained soft, and more sales took place in the lower bracket.
2. Total dollar volume of sales finally leveled off after three years of decline. This was due to an increase in the number of total transactions.
3. For the second year in a row, buyers are choosing smaller homes over larger homes.
4. The price per square foot declined in 2009.
5. Sales in 2009 began to inch closer to the original asking prices.
6. The sales of lender-mediated transactions are exceeding the share of new listings. 43% of all sales were lender-mediated (metrowide).
7. 2009 was a slow year for builders, and large-scale builders have pulled back development.
8. Foreclosures and short sales were more prevalent in single-family homes than in townhomes and condos in 2009.
9. Savage had 419 total sales in 2009, with 37.5% of them being lender-mediated. Of the 419 sales, 379 of them were on existing properties and 40 were new construction.
10. The median sales price in Savage for 2009 was $212,000, with an average sales price of $225,757. 2006 was truly the peak of the market, with homes selling in Savage at a median sales price of $267,500 and an average sales price of $294,152.
11. In 2009, homes in Savage took an average of 148 days to sell, at 93.1% of list price, and at an average of $100 per square foot.
A copy of our report can be obtained below by clicking on the PRINT icon in the upper left corner of the PDF below.
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