Local Real Estate Market >> In a Nutshell
February wasn’t the best month ever. Compared to last February, we saw the same amount of listings hit the market, 4% fewer sales close, and 4% fewer contracts written.
However, when we look at the year so far compared to January and February of 2015, things don’t look so glum. In that regard, we’ve seen 9% fewer new listings (but fear not… lots of new listings are coming on the market with spring just around the corner), 15% more sales, 2% more contracts written, and 34% shorter time on the market!
In terms of the past 12 months, every category is positive except for average price per square foot, which is down just 1%.
We’re seeing a slight drop in buyer urgency and sales over asking price, but we’re also seeing a lift in median sales price over the past year. This is a good balance, and we are positive that more buyers will be showing up to bid on properties in the next few months.
Finally, taking a look at price gap by town, Mount Crawford and Bridgewater are steady with average sales prices around the $230k mark, Penn Laird is the leader at just over $280k, and Grottoes is the most affordable area to purchase property in with the average sales price at just $155k.
We often get asked how the real estate business is going, and we factor in several areas of the business (such as how many showings our listings have had, how many clients we’re working with, interest rates, contract negotiations, etc.), but these statistics help us to see concretely how the market is doing… and we’re content with this month’s numbers!
Stay tuned for more Market Trends… right here on Harrisonblog.