Newtown Township Home Sale Statistics 1/1/2011-9/30/2011

  

NEWTOWN TOWNSHIP

SINGLE FAMILY HOMES

Market Facts1/1/2011-9/30/2011

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Source: COLDWELL BANKER HEARTHSIDE REALTORS MARKET RESEARCH from TREND MLS Data

·          There were 151 single family homes for sale in September 2011.

·          There were 130 single family homes for sale in September 2010.

       Inventory is up 16.2% year over year,

·          Average price of single family homes for sale in September 2011 was $410k

·          Average price of  single family homes for sale in September 2010 was $465k

This increase is due to relatively high priced new construction homes being sold within the township.

·          131 homes sold during the first nine months of 2011 at 93% of list price      

·          167 homes sold during the first nine months of 2010 at 95% of list price

Unit Sales volume is down 21.6% year over year.

Actual Selling Prices are averaging about a 7% below the Original List Price

Summary:  Inventory levels are up and year to date unit sales are down compared to the same period last year.  The market is in “Buyers Market” territory with a 10.9 Month Supply of Homes in Inventory. 

Note that a Market is viewed as “Balanced” with a 6 Months Inventory of homes for sale.  

What does this mean to a Seller? 

There is almost an 11 Month Supply of homes on the market, and generally taking about 70 Days on Market to sell, vs. 51 Days on Market last year, so selling conditions are relatively challenging.  It is more important now than ever to price your home right and market aggressively. You may not have enjoyed the per year appreciation in 2007-2010 versus the ~10% experienced during most of the prior 3-4 years.  Be realistic and remember the current market is what determines the price of your home.