Since April 1st, there has been a flurry of activity. There have been 4 accepted offers on units—and 3 units closed escrow in the 2nd quarter.
At this pace, we have about 22 months of inventory on hand. As of July 30 there are 22 available units for sale. Of the 3 sold units in Q2, 2 of them were short sales. There are 4 partial ownership listings still available from $134,900 to $149,900 for 60 day intervals .
Here’s a comparison of average asking prices—Q1 2010 to now:
- Studio—n/a 1/1 upstairs—$274,450 (Q1) to $329,000 (current) +20%
- 1/1 downstairs—$352,000 (Q1) to $327,667 (current) -7%
- 2/1 upstairs—$419,500 (Q1) to $258,000 (current) -38%
- 2/1 downstairs—n/a (Q1) to $229,900 (current)
- 2/2 upstairs—$369,731 (Q1) to $382,423 (current) +3%
- 2/2 downstairs—$336,817 (Q1) to $343,632 (current) +2%
In the last week of July, two 2/2 short sale units were listed at $215,000 (A208, a new listing), and $225,000 (K101, a short sale that fell out of escrow). We were surprised to see prices this low when we thought the market here was recovering!
Since April 1st, there were 34 listings (10 of which were short sale and 3 were REO/bank owned) and 4 partial ownerships listed. At the end of June, there were 21 active listings (5 short sale, 1 REO) for whole units and 4 active partial ownership units listed. Out of 34 listings, 6 were taken off the market or expired by the end of the quarter. There were 3 sales from 4/1/2010 to 6/30/2010 (2 upstairs 2/2 units and 1 downstairs 2/2 unit).
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