In February there were 108 Single Family homes on the Market. The Average Days on the Market was 194.
16 Homes had Price Changes resulting in an 8.74% reduction.
8 Homes went Under Agreement, with a median price of $427,000.
7 Homes Sold, with a median price of $475,000.
4 Homes Expired (Didn't sell during the time of their agreement with their Realtor) Average price of these expired homes was $249,450.
There were 31 Condominiums on the market. The Average Days on the Market was 249
1 condo had a Price Change resulting in a 15.23% reduction.
3 condos went Under Agreement with a median price of $515,000.
0 Condos Sold
0 Condos Expired
Let's compare Today to 6 Months Ago
9/1/08 3/1/09
Single Family Homes on the Market
131 108
Average Days on the Market
149 194
Median Price
$465,000 $433,000
Condos on the Market
36 31
Average Days on the Market
170 249
What Does this Mean?
There are fewer homes on the market than 6 months ago. Many sellers are afraid to list their home, fearing they won't get the value they're looking for. With the interest rates being low, and with the new tax credit incentive, the buyers are out searching for properties. Many times, there are just too few properties to choose from. With sellers holding off, and the buyers waiting, it creates a stalemate.
Instead of waiting for the spring market (Which actually is beginning now) consider listing your home ahead of the competition. This will allow for a quicker sale! It's important to remember that the current market value is determined by the "market" and not by your Realtor. A good Realtor will do a Comparative Market Analysis and suggest a Listing Price based on what the market can bear.
When Randi Steckler does a Comparative Market Analysis, she takes the time to study the other homes in the area, including Active (currently on the market), Under Agreement, Sold and Expired. She bases the value on data accumulated through this study. It is often difficult to tell a prospective seller that the value of their home is not what they expected. It is far better, however, to be honest. This will result in a quicker sale with less price reductions. When a home has multiple price reductions, the buyers wonder what's wrong with the house? Why has it been on the market so long? They then feel the seller is desperate to sell and make a lower offer.
Most often, there is nothing wrong with the house other than an initial asking price too high.
If you would like to know the value of your home, and would like to work with a Realtor who can offer you honesty, integrity, and exceptional service and support, contact Randi Steckler.
You can reach Randi direct at (508-944-0090) or by E-Mail at randi@randisteckler.com
For more info on all homes listed on the Multiple Listing Service, or to sign up for a complimentary Market Analysis, visit www.metrowestarearealestate.com
