Vernon Realty - November 2009 Market Report

Vernon CT Realty Market Report
November 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 November 2009's market profile and trends for your consideration.

Property Sales
November Property sales were 37, up 146.7% from 15 in November of 2008 and -5.1% lower than the 39 sales last month. November 2009 sales were at their highest level compared to November of 2008 and 2007. November YTD sales of 303 are running 14.8% ahead of last year's year-to-date sales of 264.

Inventory & MSI
The Total Inventory of Properties available for sale as of November was 159, down -11.7% from 180 last month and down -13.1% from 183 in November of last year. November 2009 Inventory was at its lowest level compared with November of 2008 and 2007.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The November 2009 MSI of 4.3 months was at its lowest level compared with November 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 November was 73, up 15.9% from 63 days last month and up 23.7% from 59 days in November of last year. The November 2009 DOM was at a mid level compared with November of 2008 and 2007.

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 November 2009 Selling Price vs Original List Price of 95.0% was down from 95.4% last month and up from 93.4% in November of last year.