The Avon real estate market showed improvements in January as measured by 2 key indicators: Total listings and total pending sales. Starting with total listings, there were 1.5 percent fewer Avon homes for sale in January, 2011 compared to the previous month, or 334 versus 339 respectively. This is a good thing is you’re a seller or real estate professional since fewer listings acts to counteract the downward price pressure that otherwise results when listings outpace sales. Compared to January of 2010, however, this was a net increase of 1.8 percent. Also, there were on average 347 homes for sale per month from November, 2010 through January, 2011 compared to an average of 322 during this same period 1 year ago, or 7.5 percent more.
Another positive indicator in January was that of total pending sales. In January, 2011 there were 34 pending sales, or 17.2 percent more, compared to the previous month’s total of just 29. This also represents a 6.3-percent increase compared to last January’s total of 32 pending sales. Viewed quarterly, there were an average of 31 pending sales per month from November, 2010 through January, 2011—unchanged from the same period 1 year ago. Of course, any increase in pending sales carries with it an expectation for more closed sales in the near future. Add to this the fact that spring is not far away and one would certainly expect these numbers to gradually improve. One the down side, the latest figures for total sales showed that there were 22.2 percent fewer homes sold in January, 2011 compared the previous month’s total of 36. Compared to last January’s total of just 18 sales, however, this represents an impressive 55.6-percent increase in total sales. Sellers couldn’t have been thrilled with the average 114 days spent on market in January. This would have set a record 15-month high were it not for the fact that last January’s average of 134 days on market already holds that distinction. So, let’s just call it the runner up for now. Over the past 15 months there has been as much as 51 percent variation in the total time on market, as Avon homes have spent as few as 69, and as many as 134, days on market on average. Arguably worse than the total time spent on market in January, at least from a seller’s perspective, was an average sold-list differential of just 92 percent. This was a significant drop from the previous month’s more respectable average of 96 percent. Not only this, but it was a 15-month low in this category of measurement. But was bad as this was at least it didn’t match last January’s average sold-list differential of 91 percent. The 12-month average for this metric is a well-rounded 95 percent.
Some other noteworthy stats:
- The average price per square foot rebounded from the previous month’s 15-month low of just $62, reaching $66 in January. This is a 20-percent price improvement compared the record 15-month high of $83 per square foot that was set in January of 2010…assuming you’re a buyer, that is. The 12-month average price per square foot is $68.
- The average active ‘sold’ price rose a significant 11.2 percent, from $159,000 in December to $177,000 in January. Compared to last January’s 15-month high average ‘sold’ price of $220, however, this represents a significant decrease of nearly 20 percent. The 12-month average ‘sold’ price is $171,000.
- While January’s average active price of $210,000 was only a slight increase from the previous month’s average of $209,000 it was a 7.5 percent decrease from last January’s average of $220,000. The 12-month average active price is $217,000.
- The absorption rate based on closed sales fell to 8.4 percent, while the absorption rate based on pending sales climbed to 10.2 percent.
- There were 11.9 months of inventory based on closed sales and 9.8 months based on pending sales.
- The median price was $126,000.
Overall, the Avon real estate market behaved much like one would expect considering the town was covered in a 2-inch sheet of ice. But, as a wise man once said, “This too shall pass”. Bring on spring! For up-to-date charts showing market conditions in a variety of statistical categories be sure to visit the Avon real estate market reports page here. View the original article here.