The real estate market in North Salem remains very much buyer-centric as of January 2010. Even though the inventory decreased somewhat, the number of sales decreased as well, bringing the absorption rate to 16.7 months (that's how long it would take to sell all current inventory as well as new houses coming on the market).
Here are the vital numbers for North Salem real estate (single family houses only, in North Salem school district).
Market Profile & Trends Overview
Total properties currently for sale/inventory: 50 (down -4% from Dec '09)
Newly listed in January: 13 (up 225% from Dec '09)
Median list price of all current listings: $872,500 (up 13% from Dec '09)
Average list price of all current listings: $1,990,994 (up 20% from Dec '09)
January number of properties sold: 3 (down 50% from Dec '09)
January median sales price: $460,000 (down -5% from Dec '09)
January average sales price: $582,500 (down -5% from Dec '09)
January average days on market (solds): 312 (up 131% from Dec '09)
January sold price per square foot: $223 (down -25% from Dec '09)
January months supply of inventory: 16.7
Property Sales
January property sales were 3, equal to 3 in January 2009 and 50% lower than the 6 sales in December 2009. January YTD sales of 3 are running equal to last year's YTD sales of 3.
Prices
The median sales price in January was $460,000; down 21.4% from $585,000 in January 2009, and down 5% from $485,500 in December 2009. The average sales price in January 2010 was $582,500, down 3.9% from $606,333 in January 2009, and down 5% from $613,917 last month.
Inventory & Absorption rate
The total inventory of properties available for sale as of January 2010 was 50, down 3.8% from 52 last month and down 16.7% from 60 in January of last year. The number of new listings in January 2010 was 13, up 225% from 4 last month, and up 18% from 11 in January 2009.
January 2010 inventory was at its lowest level compared with January 2009 and 2008. However, 16.7 months supply of inventory is an indication of a very strong buyers' market.
Market time
The average days on market shows how many days the average property is on the market before it sells. The days on market in January 2010 was 312, up 131% from 135 days last month, and up 218% from 98 days in January of last year.
Selling price per square foot
The selling price per square foot is a great indicator for the direction of property values. Since median and average sales prices 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 January 2010 selling price per square foot of $223 was down 25% from $299 last month and down 3.9% from $232 in January of last year.
All in all, it is a buyers market in North Salem! There is plenty of inventory to choose from, prices are great (for the most part!), sellers are willing to negotiate, mortgage rates are still very attractive! All we need are some willing, ready and able buyers! Don't wait, the buyers' market will not last forever!!!
Questions? Comments? Would you like to see a list of all active and/or sold properties? I am only a phone call (or email, or text) away!
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