Well we’ve just closed on the first half of 2010. It’s time to assess how our real estate market faired against prior years. If you talked to a realtor this spring, you may have heard that it was a “hot” market. We saw the signs, we heard of the homes being sold but actually what does the real data show? I’m here to tell you it’s good news!
Average Market Time
The data is below if you want the detail – I’ve included data for this year and data from 2009 and 2008 (1st half only) . I decided to also include 2005, the height of the market, as a point of comparison.
It was a bit surprising to me that the average market time was up over last year. That was until I looked at the detail. Three homes sold in Medway in 2010 that had been on the market for 3-4 years! (priced incorrectly and followed the market down). Once I removed those three homes from the calculation, average market time for 2010 single family homes adjusted to 119 days! That’s a 12 % improvement in market time over 2009! In fact 31 of the homes in Medway sold within 60 days beating the average market time in 2005!!!
What was surprising to me was how much better the condo market is doing in town in 2010. Last year was a dead year for the condo market in Medway. This year homes are coming on the market and selling in record time. “Average market time” is the time from when a home is listed to when it goes under agreement. You can see for condos we’ve made great strides in that regard over the past 3 years.
Number of homes sold
We’ve increased the # of sales in town by 20% over last year and we’re over 92 % of where we were in 2005 at the height of the market! Homes are selling!
Avg List and Sold Price
I’ve included these numbers for your review but remember when comparing year to year it only gives you a feel for the price points that are selling. It is interesting to note that the average list/sold price in 2010 has gone up over 2009. That does not translate into homes appreciating necessarily. It is more likely the mix of homes that sold that caused that increase. However, when we are in an appreciating market, you will see avg list/ sold increasing year to year.
Summary
We had an awesome spring season. We saw homes selling in the first week of marketing, we saw multiple offers. Much of that may have been the result of the tax credit that was available to buyers thru April 30th. But right now we have some of the lowest mortgage rates we’ve seen in quite some time. That is continuing to spur the market on. If the time is right for you to sell, don’t delay. Buyers are ready and are buying!
If you'd like a market analysis done on your home, completely complimentary, just call. And if You would like to receive email updates on a quaterly basis on what's happening in the Medway market, just email me at mkramarz@remax.net
Click on the chart below to enlarge it
