Sales of single family properties started off strong for the first quarter of 2012. The number of units sold and median and average sales price all increased from fourth quarter 2011 in this segment of the market. Inventory remains low for single family homes. With 2.2 Months of Inventory (MOI) this is a strong seller’s market. Sellers are getting an average of 91% of the asking price for their properties. Don’t let the number of units sold (3) in the new construction market fool you. There are currently 25 properties under contract. Most multi-unit developments are selling out before completion. It seems as if builders can not build fast enough in Highland. The condo market remains strong as well. The continued low inventory makes for a very strong seller’s market with 1 MOI. Seller’s are getting 95.7% of their asking price for condos.
Single Family
# of Units Sold 32
Median Sales Price $340,000
Average Sales Price $339,000
Average PSF $211
Average DOM 77
Average List to Sold Price 91%
MOI 2.2
New Construction
# of Units Sold 3
Median Sales Price $505,000
Average Sales Price $646,420
Average PSF $226
Average DOM 197
Average List to Sold Price 92.2%
MOI 7
Condos
# of Units Sold 10
Median Sales Price $375,000
Average Sales Price $377,850
Average PSF $270
Average DOM 270
Average List to Sold Price 95.7%
MOI 1
