What happened to the fall market?

8 Circle Road, on the market through Kelly Associates.  Asking $2,949,000.

8 Circle Road, on the market through Kelly Associates. Asking $2,949,000.

If any of you have been wondering why we have not been blogging as much about what is on the market, the answer is there has not been a lot to talk about.  It has been a very sleepy fall market.  Where are all our sellers?  We are starved for inventory (146 in September vs 192 last year). Some are waiting for the spring market and some are staying put until our economic climate gains some stability. We know there are buyers out there…..waiting…..waiting……waiting!

The high end is on life support (34 just in the $2-3mm range and many of those have been on for quite a while). But, you are hard pressed to find anything on in the lower range of $800,000 – $1M, like 15 Hillside Avenue and 73 Coachlamp Lane; they sell in a matter of hours or days. We had a customer who wanted to see 15 Hillside but went away for the weekend and was long gone by Monday.

One thing to note, no matter the price range, when something fabulous comes on, it may not even last the day or end of week as was the case with 17 Maywood and 9 Cross Road.

If you are thinking of LISTING your home, the time would be NOW.  If you decide to ask a brokers advice, LISTEN to their recommendations. The market has a lot of “shades of gray”; PRICE being the most sensitive, then, of course, LOCATION.

We don’t usually get statistical, but we thought you might like to know what is actually going on in the market.

As of September, 2013

Single Family Properties

September, 2013 September, 2012 % Chg
Property Sales 18 16 12.5%
Median Sale Price $1,517,500 $1,097,500 38.3%
Sales to List Price Ratio 92.6% 94.2% -1.7%
Homes for Sale 146 192 -24.0%
Months of Inventory 6.1 8.7 -29.0%
Days on Market 95 99 -4.0%
New Listings 30 41 -26.8%
Listings Under Contract 12 16 -25.0%
Property Sales
Sales fell to 18 in September. This is down from 37 in August, but up from 16 in September of 2012. Sales/list ratio in September moved down to 92.6% from 96.3% in August. Pending sales moved way down to 12 from 28 in August, which is a negative indicator for future closings in the near term.
Median sale price of $1,517,500 in September was up 15.8% from $1,310,000 in August and up 38.3% from $1,097,500 in September of 2012. 3-month median sale price of $1,317,500 in September was down a little from $1,350,000 in August but up slightly from $1,232,500 in September of 2012.
Days on Market
Market time of 95 in September was way down from 158 in August and down just slightly from 99 in September of 2012.
Homes For Sale
There were 146 homes for sale in September. This is down 0.7% from 147 in August and down 24.0% from 192 in September of 2012.
Homes for Sale by Price Range
Homes for sale are distributed by price range according to the chart.
Months of Inventory
Months of inventory of 6.1 in September was down marginally from 6.2 in August and down moderately from 8.7 in September of 2012.
Data courtesy of: DARMLS
Listing and sales information comes from various sources and may not always be accurate. No representation or warranty is made as to the accuracy of this information. You should verify any information that is important to your buying decision.



Leave a Reply