Sales of single family homes in February 2008 were very similar to sales in 2007.  Total homes sold this month were 5 compared to 6 last February.  Total sales volume this year was $10,212,900 compared to $10,214,000 in 2007.  Hence the average price increased from $1,702,333 last year to $2,042,580 this year.  However, the median price decreased from $1,700,000 last year to $1,520,000 this year.    Unlike the condo market the homes that are being sold are, on average, on the market for a shorter period of time.  The 5 homes sold this year were on the market for an average of 129 days compared to 268 days for the homes sold last February.  Year to date there have been 12 homes sold this

this year compared to 13 last year.  Total sales volume for the year is $15,852,900 compared to $30,739,000 last year.  This obviously means that the average and median prices are lower this year.  The average price this year is $1,321,075 compared to $2,364,538 last year and the median price this year is $732,500 compared to $1,300,000 last year.  (All of last years numbers are somewhat distorted as there was on sale in January of 2007 for $12,500,000.) 

Once again, the good news is that the average days a home is on the market is decreasing.  For all homes sold this year the average number of days on market is 163 compared to 228 last year.