January 2009 Intown Market Update

Springfield

Springfield had 5 closings in January. Four of the properties needed renovation and one new construction, so average sold price is tweaked. This is a 9% decline from December 2008 sales. 14 new listings came on the market, with a total of 85 active listings now. Of the 85, 20% are distressed. 15 properties are pending in Springifeld and 8 of those went under contract in January.

Riverside

Riverside didn't have any closings in January, however, of the 5 properties in pending, 4 went under contract in January. Nine new properties went on the market, making a total of 48 properties on the market, 23% of which are distressed properties.

Avondale

Avondale had 4 properties sell in January with an average sales price of $143,750. That is a 34% decrease in number of sales from December 2008. 33 new properties came on the market, for a total of 140 properties for sale. Of all the Intown neighborhoods, Avondale seems to be the one struggling the most with high inventory and it is because of this that I anticipate this neighborhood will continue to see a price decline in 2009. In addition, 13% of the inventory for sale is distressed.

San Marco

San Marco is seems to be pulling out of the down market the quickest of the Intown Neighborhoods. January saw 8 closings, a 6% increase in sales from December. The average sales price was $269, 250. Only 9% of its present inventory are distressed properties.