Vernon CT Realty Market Report
October 2009
Welcome to Vernon, Connecticut!! Having a better understanding of the current Vernon Realty market conditions is critical in order to help you make a more informed decision when buying or selling a home in Vernon. To keep you up to date, I have included October 2009's market profile and trends for your consideration.
Property Sales
October Property sales were 37, up 8.8% from 34 in October of 2008 and 23.3% higher than the 30 sales last month. October 2009 sales were at their highest level compared to October of 2008 and 2007. October YTD sales of 264 are running 6.0% ahead of last year's year-to-date sales of 249.
Prices
The Median Sales Price in October was $180,000, down -4.3% from $188,000 in October of 2008 and equal to $180,000 last month. The Average Sales Price in October was $181,232, down -2.0% from $184,847 in October of 2008 and down -0.7% from $182,461 last month. October 2009 ASP was at the lowest level compared to October of 2008 and 2007.
Inventory & MSI
The Total Inventory of Properties available for sale as of October was 195, up 2.6% from 190 last month and down - 3.5% from 202 in October of last year. October 2009 Inventory was at its lowest level compared with October of 2008 and 2007.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2009 MSI of 5.3 months was at its lowest level compared with October of 2008 and 2007.
Market Time
The average Days On Market (DOM) shows how many days the average Property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for October was 64, down -13.5% from 74 days last month and up 39.1% from 46 days in October of last year. The October 2009 DOM was at a mid level compared with October of 2008 and 2007.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The October 2009 Selling Price per Square Foot of $132 was down -2.5% from $136 last month and down -2.4% from 136 in October of last year.
Selling Price vs Original Listing Price
The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The October 2009 Selling Price vs Original List Price of 95.3% was up from 93.6% last month and up from 93.8% in October of last year.
Inventory / New Listings / Sales
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in October 2009 was 44, down -25.4% from 59 last month and down -22.8% from 57 in October of last year.
Vernon CT Realtor Brian Burke, ABR
RANKED Top 1% Nationally
RANKED Top 10 in CLOSED SALES for 2009 (out of 2,500 agents)
International President's Circle
Coldwell Banker Residential Brokerage
cell: (860) 798-3272
email: burkecthomes@gmail.com
P.S. Are you considering buying or selling a home in Vernon, CT? How about the Tolland County area? Selecting the most experienced agent dedicated to the Vernon, CT area is imperative to promoting your home correctly as a seller or bidding on a home aggressively as a buyer. Call or email me to setup a no obligation consultation, and I'll outline each of the many strategies I utilize to gain the best results for my clients.
Cell: (860) 798-3272
Email: burkecthomes@gmail.com
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