|
Connie's Update
While this update reflects current market trends and statistics,
I am ever mindful that real estate is a people business,
and I work to help those individuals and families
who entrust me
with their personal situations, their hopes, dreams, and challenges.
Current Trends - Plymouth County
Compare Sales
1/1/2008-9/30/2008 with 1/1/2009-9/30/2009
Sales - Single family homes:
1/1/2008 - 9/30/2008
2703 units sold - Average sale price: $384,623 with an average 119 days on market
1/1/2009 - 9/30/2009
2689 units sold - Average sale price: $331,425 with an average 114 days on market
An analysis of this information reflects:
the number of single family homes declined by less than 1%
the average sales price declined by 14%
and the homes sold 4% quicker than the previous period
Sales condo/townhomes
1/1/2008 - 9/30/2008
541 units sold Average Sale Price: $284,795 and 163 days on the market
1/1/2009 - 9/30/2009
430 units sold Average Sale Price: $229,267 and 136 days on the market
This information reflects the following trends:
Number of units sold declined by 20%
Average sales price declined by 19%
Average days on the market decreased by 16%.
Sales: Multi - family Homes
1/1/2008 0 9/30/2008
240 multi-family units sold
Average Sale Price: $205,133 and an average of 104 days on market
1/1/2009 - 9/30/2009
285 multi-famil units sold
Average Sale Price: $168,386 and an average of 95 days on market
This information reflects the following trends:
An increase in the number of units sold is 18%
A decline of average sale price is 18%
The units sold quicker by 8%
An Additional Trend Worth Noting
Absorption rate: measures how long it takes for the market to absorp/sell the inventory
Single Family
1/1/2008 - 9/30/2008
Active listings - 275 single family units
Solds - 2,703
Took 13 months for the market to absorp those properties
1/1/2009 - 9/30/2009
Active listings - 2,978 single family units
Solds - 2,689
Took 10 months to absorp those properties
Condos/Townhouses
1/1/2008-9/30/2008
Active Listings - 916 units
Solds - 535 units
Took 15 months to absorp those properties
1/1/2009 - 9/30-2009
Active Listings - 632 units
Solds - 430 units
Took 13 months to absorp those properties
Multi-Family Homes
1/1/2008 - 9/30/2008
Active Listings - 3,899 units
Sold - 2,703 units
Took 13 months for the market to absorp those properties
1/1/2009 - 9/30/2009
Active Lisings - 2,978 units
Solds - 2,689
Took 10 months for the market to absorp those properties
What This Means To Me!
There are fewer properties on the market compared to a year ago during the same time period, and they are selling more quickly.
One of the reasons may be that property prices have adjusted so that they are becoming more affordable and are thus being absorped;
second, first time buyers are purchasing homes so that they can take advantage of the First time Buyer Tax Credit
which in turn results in moving all segments of the market ;
third, interest rates continue to be attractive;
fourth, some homeowners have taken their homes off the market temporarily decreasing the supply (supply and demand theory);
and fifth banks may be processing foreclosed homes through their channels until they're ready for the market.
All this points to the local market showing signs of stabilizing,
pricing becoming afforable,
and opportunities for both Buyers and Sellers to take advantage of the current market.
Information is obtained from MLS data, 10/17/09.
|
