After getting good news crunching the crime numbers yesterday, GM turned to the first quarter real estate numbers. And they’re less than rosy. (Unless you’re a potential first-time buyer, then it’s more than rosy).
This is what GM found:
There were 33 homes sold in Georgetown during the first quarter 2010. There were 45 homes sold last quarter 2009. That’s a 26% decline.
Fourth quarter 2009 Homes sold on average 7.3% below first listing price. Through the first quarter of 2010, homes sold for 8.0% below first listing price.
The average price of homes sold the first quarter of 2010 was about $1.6 million, which is about a 50% increase from last quarter 2009. The sale of the Stephanopoulis house was the single largest sale at $5.45 million and probably contributed to the big uptick.
GM’s own anecdotal observations tell him that homes are still selling at 2005 prices. It doesn’t appear that that situation is about to change.