Larry is out with his numbers , quick and reliable as ever.
The average SFH is back up to $1,221,037, within spitting distance of last Feb's high. Despite sales being 35% less than last Feb
No doubt our local media which is so good at doing in depth analysis will trumpet this rise (next to pictures of phantom mansions), but as Larry says 3 big sales skewed the results.
Working off Larry's numbers:
Sales SFH = 707 for Feb 2013
Total Volume = 707 x 1,221,037 = $863,273,159
3 sales at 11,000,000 + 14,000,000 + 18,000,000 = $43,000,000
Take 43,000,000 away from 863,273,159 = $820,273,159
Divide that by the number of sales 704 = $1,165,160
That would be less than Feb 2011's average. Quite incredible the effect of a few very large sales.
I don't know how the huge sales compare with last year or the year before, but with a 35% drop in
total sales, 15% more inventory and a SFH MOI of 9.25, this is anything but a strong market.
The Median will tell the tale.
May 21 Market Update
1 hour ago