Overall home sales in our Upper Rockridge neighborhood were down in the second quarter of 2010 compared to the same quarter in 2009. However, sales prices remained strong and stable with an average sale price of just over $1,104,000. Average days on the market for the homes which sold was 13 days. This is a clear indication that homes with little or no deferred maintenance and priced sharply, sold quickly. The added boost from lower mortgage rates and a somewhat friendlier lending environment for high-end borrowers has also had an impact.
The outlook for the third quarter 2010 remains mixed with the success of the housing market relying very heavily on improvements in the economy and consumer confidence. A lot will depend on how many people find jobs or stop worrying about losing the ones they have.
by Michael
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