The price declines – year over year anyway – continue, even in the Greenhaven or “pocket area” as it is lovingly called, albeit at a slower pace. Average price per square foot is now $167.70 which is a 2.7% decline since last September’s high of $172.31. Average sales price hasn’t fallen far from the $300,000 mark and currently rests at $279,833 which seems to be a 6.3% decline from last September’s $298,663. However, since the average home sold was 3.7% smaller than last September, the more accurate number here is the price per square foot. Median sales price remains at $268,500.

We are also seeing declines in actual sales, not just the price. Just 21 homes sold this September as compared with 24 in September of 2008, which points to a unit volume drop of 12.5%. We are also seeing declines in the categories of foreclosure sales (37.5% year over year) and non-distressed property sales (20% year over year). The only increase we see is in short sales which have risen by 300% for the same period. But that isn’t saying much based on the fact that just 4 short sales closed escrow this month.

Inventory in Greenhaven is at 5.5 months based on the last year of sales and 4.9 months based on the last six months of sales.

Comments are closed.