Somers (New York) Real Estate Market Report for January 2010
In December 2009 there was a lot of activity in real estate market in Somers, as well as throughout the area. In January, the pace slowed down a bit, but it is not surprising for the time of the year.
Below are the vital numbers for January 2009
Market Profile & Trends Overview
Total properties currently for sale (inventory) 97 (-3% decrease from Dec '09)
Median list price of all current listings $819,500 (7% increase from Dec '09)
Average list price of all current listings $919,421 (7% increase from Dec '09)
Number of properties sold 5 (-29% decrease from Dec '09)
Median sales price/sold listings $645,000 (24% increase from Dec '09)
Average sales price/sold listings $698,000 (38% increase from Dec '09)
Months supply of inventory 19.4
Average days on market (solds) 161 (23% increase from Dec '09)
Property Sales
January property sales were 5, up 400% from 1 in January 2009 and 29% lower than 7 sales in December 2009. January 2010 sales were at mid level compared to January 2009 and 2008. January YTD sales of 5 are running 400% ahead of last year's YTD sales of 1.
Prices
The median sales price in January was $645,000, up 3.2% from $625,000 in January 2009 and up 24% from $520,000 in December 2009. The average sales price in January was $698,000, up 11.7% from $625,000 in January 2009 and up 37.8% from $506,643 in December 2009.
Inventory and absorption rate
The total inventory of properties available for sale as in January 2010 was 97, down -3% from 100 in December 2009 and up 27.6% from 76 in January 2009. January 2010 inventory was at its highest level compared with January 2009 and 2008.
Absorption rate of 19.4 months represents a very strong buyers market in Somers.
Market time
The average days on market in January 2010 was 161, up 23% from 131 days in December 2009. The January 2010 days on market was at its lowest level compared with January 2009 (190) and 2008 (169).
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