Q1 is finally over and the numbers are in.  Home Sales on the East Shore can probably best be described by the title of this post. 

The Bad.  While there was one more sale this year 19 vs. last year 18, the average sales price declined over 51% from $2,419,152 in 2007 to $1,183,363 this year.  Likewise the median price declined 34% from $1,175,368 to $775,000. 

The Ugly.  As you would expect, with the decrease in the average price, total sales also decreased a whopping 48%.  Sales volume last year totaled $43,544,737 compared to just $22,483,900 this year. 

The Good.  The first quarter is over.  Seriously though, there is some good news regarding the average days on market for sold properties.  In each of the first three months the average days on market for the homes that sold declined substantially.  In January from 194 to 163, in February 268 to 129, and in March 310 to 233.  For all sales in the first quarter the DOM decreased from 251 to 180. 

 In my humble opinion this is good not necessarily just because the number is better but because if you combined the reduction in days on market of properties sold and the decline in average and median prices you can conclude that the more appropriately priced inventory will sell and that can help when discussing listing prices with sellers i.e. more “meaningful conversations.”