April 2009 Intown Market Update

Springfield

Springfield had 2 closings in April. One was a renovation that sold for $74/sq ft and the other house is a beautiful new construciton that sold for $97/sq ft. Although this is a decrease in sales from March, it's good that things are selling that aren't in need of renovation. 15 new listings came on the market, most are homes in need of rehab. There is a total of 84 properties for sale now. This is a pretty much the same as last month - a good sign. Of the 84, 22% are distressed, a slight decrease from last month - also a good sign. 17 properties are pending in Springifeld. The most expensive property in pending is a new construction home listed at $289K.

Riverside

Riverside had 8 properties close in April. They ranged in price from $19,900 - $740,000 or $13/sf -$271/sf, with the average at $116/sf. Zero closed in January, 4 closed in February and 3 closed in March - to give a comparison. 16 new properties went on the market, making a total of 88 properties on the market. Riverside has been pretty consistent in the amount of inventory and now that sales are picking up this market will start to feel a recovery in 2009. 17% of the inventory are distressed properties, a 4% increase from March. 3 properties are pending in Riverside now, the most expensive of which is a home listed for $95,000

Avondale

Avondale had 13 properties sell in April, a 54% increase from March. The prices range from $94,500-$592,250 or $101/sf-$266/sf, with the average at $142/sf. 32 new properties came on the market, for a total of 167 properties for sale, this is a slight increase in inventory from March. The increase in sales will help Avondale if Avondale can decrease its inventory - that is the biggest hurdle Avondale has in recovery. In addition, 10% of the inventory for sale is distressed, a 9% decline from March 2009. There are 12 properties in pending, the most expensive of which is listed at $269,900.

San Marco

San Marco had 5 closings in April. Prices range from $84,900 - $475,000 or $51/sf-$218/sf with the average being $117/sf. 25 new properties went on the market, making a total of 195 properties for sale. This is a decrease in new properties, a good indication that inventory is going to level in San Marco. So keep an eye on that in the coming months. Only 6% of its present inventory are distressed properties. That is the same as March. 8 properties are pending, the most expensive of which is listed at $939,900.

Downtown

1 condominium sold in April for $118K or $153/sf It was a bank owned property. 20 new properties went on the market making the total 55. This is not good if Downtown doesn't begin to see an increase in sales. 79 properties are pending, most at the Berkman II.

Murray Hill/Lakeshore

15 properties closed in April. The prices ranged from $19,000-$128,000 or $17/sf-$125/sf, with the average being $55/sf. 48 new properties came on the market, for a total of 207 properties for sale, this is an 8% decrease in invenotry from March. 56 of them are distressed properties. 29 are in pending, the most expensive of which is listed at $229,900.