Market Measure Residential Real Estate Report
2Q06 Market Snapshot.
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2nd Quarter Average Price Up 0.2%
Price and Volume Virtually Unchanged — The average apartment sale price rose 0.2% to $1,169,000 from $1,168,000 in 1Q06 and was 35 Higher than the same quarter one year ago The MMJ sales volume index declined by just 1.5% from 1,365 to 1,345 and was 9% lower than last year.
Million Dollar Sales Dominate
Sales of million dollar plus homes spiked in the 2nd quarter to represent a record 40% of all transactions, compared to 30% the previous quarter and 31% one year ago. The rise offset the corresponding decline in the percentage of sales between $500,000 and $1M which dropped from 48% to 41%
Downtown Competition Heats Up
New housing south of 23rd street boosted sales activity to a new high of 33% of all sales compared to 29% the previous quarter with a 10% decline in average sale price. An oversupply of loft apartments resulted in a 17% drop in average sale price for the sector, the lowest in 6 quarters.
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