There were 541 sales in the fourth quarter, 0.6%
more than 538 sales in the prior year quarter and
prior quarter. The level of sales remained above
the 5-year average of 484 sales. Despite the
relative stability of sales, the number of available
listings fell sharply. There were 1,728 listings
available at the end of the fourth quarter, 25%
less than 2,303 listings at the end of the same
quarter last year.
Despite the decline in listing inventory and
stability of sales, days on market and listing
discount expanded over the year. Days on
market, the number of days from the last price
change to contract date, was 201 days, 25 days
longer than 176 days in the prior year quarter.
Listing discount, the percentage difference
between the list price at time of contract and the
sales price, increased to 13.4% from 9.3% in the
prior year quarter.
Median sales price was $675,000, down 7.5%
from $730,000 in the prior year quarter. Average
sales price followed the same pattern with a
decline of 16.2% to $1,335,884 from $1,594,785
in the same period last year. The price indicators
in the prior year quarter were pressed upward
from the high end skew caused by concern over
the potential expiration of the Bush tax cuts
and rise in capital gains rate. Buyers and sellers
rushed to close before the end of 2010.