In the second quarter of 2010 Sunriver closed 36 transactions (homes, condos, land) for a total dollar value of $13.3 million. Of those transactions 20 of them were homes, 14 were condos and the were 2 lot sales. At this mid point of the second quarter of 2011 we have 30 transactions on the books (sold or pending) 22 homes and 8 condos. If we close 100% of these transactions before the end of the quarter the dollar value of these transactions will be approximately $10 million. The average price of a home sold this quarter is running about $375K compared to $535K last year in the second quarter. Average days on the market is almost the same around 230 and average price per square foot is $195 vs $211 last year. We are selling more smaller homes this year compared to last year.
I do think we have a good chance to match last years numbers for the second quarter, but we are going to have to sell about 20% more homes to do it. The buyer traffic is picking up, but they are very careful and most know exactly what they want and they are unwilling to compromise as they clearly feel they have time. One very interesting factor is that we only have 150 homes on the market currently. Last year by mid summer we had 240, I think there is a good possibility that we have seen most the panic sellers and we may not get up anywhere close to that number of homes on the market this year.
If you have any question or comments please contact me.
John.
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