Avondale continues to be the Intown Market struggling the most to get over the market hump.
Total Units Sold: 5
Detached: 4
Condo/Lofts:1
17% decline from last month
40% increase from February last year
Days on Market: 156
Detached: 157
Condo/Loft: 153
50% increase from last month
67% increase from February last year
Average Sales Price: $182,950
Detached: $198,188
Condo/Loft: $122,000
19% increase from last month
17% decline from February last year
Median Sales Price: $122,000
Detached: $120,000
Condo Loft: $122,000
10% decline from last month
43% decline from February last year
Average Sale Price/List Price: 90%
Detached: 89%
Condo/Loft: 95%
Same as last month
5% decline from February last year
2 of the 5 sales were REO.
In February, there were 144 homes for sale. This represents an inventory of 48 months for detached homes based on the current rate of sales over the last 6 months. This absorption rate continues to be Avondale's biggest challenge in overcoming the market hurdles. Inventory needs to drop or sales need to increase. You can see the market beginning to correct itself when you compare median sales price in February to last month and last year. To move some of the inventory, Avondale will have to continue to lower prices, this will also lower days on market and of course, increase the units sold.
In February, 22 new homes came on the market. Again, Avondale's inventory needs to decrease, not increase. During this time, 11 went into pending compared to 9 going pending in January. (Remember, just because a home goes pending does not mean it will close).
I am hopeful the second quarter Avondale will continue to lower prices and move some of the inventory. This is the only way prices will stablize and then begin increasing.
This overview of the Avondale real estate market is based on information provided by the MLS for homes that went under contract in the last couple of months and closed in February. More details can be provided if needed with regard to current activity as well as within the specific Historic District of Avondale.
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