The number of single-family homes sold in the first quarter of 2009 was down 9.3 percent compared to the same time last year (6,183 homes sold in 2008 to 5,610 homes sold in 2009). Median selling prices were down 18.7 percent from $315,000 in 2008 to $256,000 in 2009.
The condominium market experienced a drop of 21.5 percent in the number of units sold in the first quarter compared to the same quarter last year with 2,774 units sold in 2008 to 2,178 units sold in 2009. Median selling prices were down 18.3 percent from $263,000 in 2008 to $215,000 in 2009.
The multi-family market saw a 52 percent increase in the number of first-quarter sales compared to the same time last year with 1,059 homes sold in 2008 and 1,610 homes sold in 2009. Median selling prices were down 29.2 percent compared to the first quarter last year from $240,000 in 2008 to $170,000 in 2008.
“For the third quarter in a row, investors see opportunity in the market and they are taking advantage of it. We continue to need investors who will come in and buy and maintain these multi-family homes. This will not only help stabilize neighborhoods, but will also contribute to getting the economy moving again,” said Rogers.