Allenby Market Update - Winter 2008/2009

February 2009:

Sales in the Allenby neighborhood were down again this month by -40%. Prices were also down, as the lower priced inventory continues to attract first-time buyers who are taking advantage of lower interest rates in a buyer's market.

Average days on the market in Allenby was up 91% to 44 days, from the 23 days we saw in February 2008. The average sold price as a percent of list has gone from 101% to 95%.

January 2009:

Sales in the Allenby neighborhood were down again this month by -54% as buyers continued to stay on the sidelines, waiting for the bottom to emerge. The good news is that prices were actually up 3% - a good sign for those sellers in the Allenby area.

Average days on the market in Allenby was up 8% to 40 days, from the 37 days we saw in January 2008. The average sold price as a percent of list has gone from 99% to 95%.

December

Sales in the Allenby neighborhood were down again this month by -58%, as economic woes and holiday shopping drove buyers away. But alas, there is some good news. On those homes that did sell, prices were flat to last year, maintaining an average price of $823,551.

Average days on the market in Allenby was up 81% to 47 days, from the 26 days we were seeing in December 2007. The average sold price as a percent of list has gone from 100% to 94%.