March condo & town home sales were 8, down 50.0% from 16 in March of 2010 but 33.3% higher than the 6 sales last month. March 2011 sales were at their lowest level compared to March of 2010 and 2009. March YTD sales of 25 are running 26.5% behind last year's YTD sales of 34.
The median sales price in March was $122,500, down 19.1% from $151,500 in March of 2010 and down 30.7% from $176,875 last month. The average sales price in March was $157,444, up 1.8% from $154,694 in March of 2010 and down 25.8% from $212,125 last month. The March 2011 average was at the highest level compared to March of 2010 and 2009.
The total inventory of properties available for sale as of March was 102, up 30.8% from 78 last month and up 8.5% from 94 in March of last year. March 2011 inventory was at its highest level compared with March of 2010 and 2009.
The average days on market (DOM) for March was 54, down 56.8% from 125 days last month and down 30.8% from 78 days in March of last year. The March 2011 DOM was at its lowest level compared with March of 2010 and 2009.
These are all signs of a slow market, characterized by a shortage of buyers and a somewhat downward trend in prices. That could mean opportunity if you are an investor looking for the long-term hold - rents in the area are increasing and vacancy rates are at a 10-year low. Let us know if you'd like an investment evaluation spreadsheet - we've got a pretty good one in Excel format.
And if you're thinking about condominium real estate in Loveland CO for a personal residence, now is a pretty good time to take a close look at what's available.
Mary & Dick Greenberg
Data Source: IRES MLS