May 21, 2005
 

There were 5,132 single-family detached and 796 condo and townhome closings in April. This represented a
–0.3% change for detached and an 8.7% increase for condos and townhomes. After lags are reported single
family detached will have around a 5-6% increase, while condos and townhomes will be up over 12%.
This marks the 23rd consecutive double-digit increase for condos and townhomes, while single-family
detached will have its 17th consecutive year-to-year increase.

The average sale price for detached single family in April was $255,896. This marks a new all-time monthly
high and the 9.4% year-to-year increase is the largest increase since January 2001. If we start reporting near
double-digit increases more often, you can expect interest rates to increase.

The average sale price for condos and townhomes was $181,518 in April. This is down from the same year
ago period by 1.4% and the 13th time over the past 18 periods we have reported a decrease. In order to
illustrate how the condos and townhomes average sale price has “flatted,” the $181,518 was not only down
from last year, but also from three years ago!

The average sale price for condos and townhomes so far this year is $181,719. This is down from 2004’s
$186,152, 2003’s $187,656, and almost level to 2002’s $181,452.

The amount of inventory for detached single family was almost unchanged and even slightly less than the
same year ago levels. There were 35,203 units for sale at the end of April, while there were 35,381 available
units at the end of April 2004. This is a clear sign of inflation, when supply declines and demand increases.
Along with declining inventory we have declining expired listings. For the fourth consecutive month the
number of expired listings declined for all single family from the same year ago period. There were 3,482
expired listings in April versus 3,861 in April 2004. This was also below 2003’s 3,526. This is the first time
since 1999 that we have a monthly reporting period with less expired listings that the previous two-year
period.

The average-days-on-market dropped 4.6 days from the previous period, 0.9 days from the same year ago
period, and is the lowest DOM since October 2004.

This is a very good time for sellers to list their home. With inventory levels low, prices increasing, DOM
going down, and demand rising, it is clearly a seller’s market. However, on the other side, it is clearly not a
buyers market!

Thank you,
 

Steve Palm
Smart Numbers

© 2005 Smart Numbers