Every once in a while, something unexpected happens in the local real estate market --- say, for example, the bulk sale of 22 condos at University Place!

This morning, 22 listings were entered into the HRAR MLS in University Place (South Ave) and then marked under contract --- each priced at $41,000 --- so apparently a $902,000 bulk sale.  Each of the properties, as you might imagine, has a common owner.

Let's contextualize it....

University Place sales during 2010 = NONE
University Place sales during 2011 = 2 sales (med price = $42,600)
University Place sales during 2012 (YTD) = 2 sales (med price = $39,500)

Active Listings:  10 listings, priced at $59,900 each

So what is the "wow"?  The sale of quite a few of these condos all at once after very slow sales in the complex over the past few years.  And at an apparent price that doesn't seem fantastic relative to recent sales --- unless the actual sales price will end up being lower than $41,000.