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May 2nd, 2008 1:03 PM by David W. Welch
Sales overall are up, but prices are down. When April numbers are reported we should see better than 1,200 closed sales which is up from 1,080 in March. The median price, however, is continuing to float down. I expect April's median price to be about $5,000 less than March. It is just part of the economic dynamics we are dealing with right now.I did a study on last month's closed sales and found that about 3/4 of the sales had price reductions, and the contracts came within 36 days on average after the price change. The homes without price changes had contracts within 45 days of the listing on average. The second group on average was priced about $6,000 less butsold 90 days sooner than the homes with price changes.