Thursday, April 3, 2014

And Now onto the Market

We currently have 15 homes on the market--and none has been available for more than 28 days.  We have 11 homes currently pending, and with one exception, none was on the market for longer than 19 days.  More than half received multiple offers.

In contrast, across the quarter to date--nearly three months!--we saw only 18 homes sell, and they sold in an average 50 days.  That means the market is ramping up rapidly.  At present, the quarter's sales averaged $1.961 million ($547/sf), with a median of $1.635 million (after excluding one whose sales terms are confidential). 

These figures are skewed by several things: 

--Seven of the 17 homes sold for more than $2.5 million--it's been a very long while since such a flush of high-end homes actually found a serious, bankable, willing buyer.  These sales pulled the average and the median sales prices up.

--On the other hand, a number of the 18 had been on the market for a long while, and sellers ''got serious'' in the quiet period at the end of the year or as the new year began.  These so-so results actually closed in 2014, leading to the high days-on-market statistic.

--In fact, with one exception, all the homes that found a willing buyer after more than 23 days on the market sold for below the asking price, while those that went into contract in 1 or 2 or 3 weeks tended to garner the multiple offers and sell for more than the asking price--at an average of 10% over the asking price, and $649/sf.

Because there were so few sales in the first quarter, and because the group was so skewed in various ways, I won't compare these figures to those of the last few quarters.  But clearly, with all the activity here at the end of the quarter, we'll have plenty of broadbased data to review in the coming few months.

I'll send out the final data for the quarter in a few weeks, along with the basic data on each sale as in the past (excluding the street numbers!  We have little enough privacy as it is in this town!)

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