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BERKLEY MARKET REPORT - JULY 2009

By Bobbie Files

Real Estate Agent with Success Real Estate

August 06, 2009 09:14 PM

Total Market Report is provided to give you an overall picture of the current market conditions.The following report is for single family homes sold in Berkley from July 1, 2009 - July 31, 2009.

Single Family Homes

Number of Homes on Market              61 (a rather high number of listings for such a small town)

Average Days on the Market             174 - The Market Time is signifying the homes are VERY overpriced

Number of Homes U.A.G                     4 - that averaged only 130 days on the market (Price = Pace)

Average Price of U.A.G. Homes        $329,300

Number of Homes Sold                        6

Average Sold Price                         $262,304

~$278,975 As of July 3, 2009
~$315,000 As of April 2, 2009
~$300,750 As of March 3, 2009
~$283,833 As of February 8, 2009
~$250,000 As of January 8, 2009
~$361,250 As of December 5, 2008
~$259,125 As of November 2, 2008
~$312,913 As of October 3, 2008
~$435,000 As of September 3, 2008
~$0 As of August 16, 2009
~$334,250 As of July 9, 2008
~$317,800 As of June 12, 2008
~$418,333 As of May 1, 2008
~$286,833 As of April 8, 2008
~$180,000 As of March 8, 2008
~$344,250 As of February 7, 2008
~$349,000 As of January 8, 2008
~$262,442 As of December 9, 2007
~$243,125 As of November 7, 2007
~$645,500 As of October 4, 2007
~$331,000 As of Sept.1, 2007
~$349,073 AS OF AUG. 4, 2007
~$356,473 AS OF JUNE 24, 2007

Average Asking Price                       $367,609

Lowest SALE Price                            $120,000
Highest SALE Price                           $392,000

July finished out with a huge amount of activity!!!!!!!! 10 home buyers have taken or are taking advantage of the $8,000 First Time Home Buyer Tax Credit. 10 home sellers have priced their home IN THE MARKET and have successfully sold their home. There is still pent up activity, plenty of buyers are jumping off the fence and buying. Position yourself as a Home SELLER not just a homeowner with your house on the market.

You want your home IN the market not ON the market.

The absorption rate has gone down to 6 months from 10 months in the month of February. Lots of inventory was purchased but lots was placed on the market as well! There has been a tremendous increase in the number of buyers in the marketplace - rates are at an historic low - the government is putting immense pressure on the banks to work WITH homeowners not AGAINST them and help them restructure their loans to try and prevent additional foreclosures from hitting the market. The lower end and modest homes are being absorbed much quicker that higher end homes. Homes over $400,000 are experiencing longer market times or are not selling at all and there is more downward pricing pressure. 17 homes of the 61 that are on the market are priced over $400,000 that is over 25% of the total homes for sale. BUT if you look at the highest sale price ($392,000) you can see that even though there is a large percentage of high end homes for sale that is NOT where the desire or activity is. As a homeowner you REALLY need to look non emotionally at the homes that have sold and judge based on the sale prices of the comparable homes and really see if your home should be priced over $400,000. If it is legitimally worth over the $400,000 mark take extra care and concern to price it as competitively as possible!!!

Lower and middle end homes are receiving multiple offers and even selling OVER asking price.

What do you need to know if you are a homeowner looking to sell?

Your home MUST (and I mean MUST) be in a condition that an F.H.A. or V.A. approved buyer can purchase call me to find out what steps you MUST take to ensure your home is in the condtion required by these mortgage programs

According to the facts of record we are still losing value. Not great news I know, but it stresses the importance of properly pricing your home UPFRONT!

Price it ahead of the curve and you will open your home up to the largest pool of potential buyers which will sharply lessen your market time AND increase your bottom line! I would rather see any seller get multiple offers to choose from than no offers at all.

Call me for a competent, accurate analysis of your home.