February 2009 Intown Market Update

Springfield

Springfield had 3 closings in January. One of the properties needed complete renovation and sold for $44,000. The other two properties that sold were lofts, with the average square price at $120/sf. This is a 40% decline from January 2009 sales. 17 new listings came on the market, with a total of 102 active listings now. Of the 102, 25% are distressed. 22 properties are pending in Springifeld and 7 of those went under contract in February. The most expensive property in pending is a new construction home listed at $289K.

Riverside

Riverside had 4 properties close in February a definate improvement over January which saw no closings. 8 properties have pending contracts. 15 new properties went on the market, making a total of 82 properties on the market, a 41% increase in inventory. 20% of the inventory are distressed properties, a 3% decline from January.

Avondale

Avondale had 4 properties sell in February, same as January. 23 new properties came on the market, for a total of 160 properties for sale, this is a slight increase in inventory from January 2009. In addition, 11% of the inventory for sale is distressed, a 2% decline from January 2009.

San Marco

February saw 4 closings, a 50% decrease in sales from January. 3 properties went under contract. 32 new properties went on the market, making a total of 177 properties for sale. Only 10% of its present inventory are distressed properties.

Downtown

2 properties sold downtown. One at the Churchwell Lofts sold for $210,000 and was about 1200 sf. The other at Parks at the Cathedral sold for $180,000 and was around 1800 sf. Two other properties are pending. There are 51 total properties for sale.