The Buyer's Guide April 2011 market report.
For the forth month in a row, the West Side housing market continues to be the superstar of the three housing categories (houses, townhouses and apartments). The average price of a house in April 2011 ($2,351,234) was higher than last month by 4.19%, and 17% higher than April 2010 ($2,002,560). This was the best April sales month ever in the last 11 years with 214 homes sold. Offshore buyers continue to be active participants in this market. There are currently 585 active listings on the market which is slightly below the 10 year average of 631. The months supply has increased to 2.76 months, which is still indicative of a VERY STRONG Seller’s Market. We expect that continued strong demand and short supply will maintain current price levels for the next few months.
The average price of a West Side townhouse in April 2011 ($974,967) was is up 4.42% from March 2011 ($933,683) and up 14% from April 2010 ($853,353). April 2011 was a very strong month with 95 units sold, which is 7% more than April 2010. This is the highest number of sales since July 2009. There is currently a 2.74 months supply, which is indicative of a VERY STONG Seller’s Market.
This spring is a great time to sell townhouses. Many buyers are entering this market looking at townhomes as a more affordable alternative compared to homes.
The average price of a West Side apartment in April 2011 ($646,430) is at an all time high. April 2011 sales were very strong at 451 units, which is 16% less than April 2010. There is currently a 3.92 months supply, which is indicative of Seller’s Market.
This real estate market year over year continues to out perform the stock market with an average gain of over 10% per year over the last 10 years. Now is a great time to sell as this Seller’s Market will not last forever. If you are planning on making a move this year, please contact us to help you get the job done right.