March showed us just how bad the winter was and its negative effect on the market which will probably be evident for at least another month. Unit sales dropped 40% (into single digits). Following suit, the median sale was down $45,000, but only by 6%. Average sales also tumbled over 13% or over $114,000. Inventory rose dramatically and on April 1st, stood at 140 single family houses — still below the norm for this time of year. Average prices continue to stay high. While lower than last month, they remain above April 1st of last year by $115,000.
Closing the books on the first quarter, we find that for the year-to-date, sales are down 13% from last year. Certainly weather contributed, but it is interesting to note this is the same level as 2011 and ahead of every other year from 2008 until 2013. The median sale is lagging as well, but by less than $15,000 or 2%. But the average sales price is up almost 8% (more than $64,000). This can be explained by the seven sales over a million in 2013 as compared with the 12 sales over a million year-to-date in 2014. However, total revenue is down 6%.