Property Sales
August Property sales were 12, up 140.0% from 5 in August of 2010 and 100.0% higher than the 6 sales last month. August 2011 sales were at a mid level compared to August of 2010 and 2009. August YTD sales of 59 are running -24.4% behind last year's year-to-date sales of 78.
Prices
The Median Sales Price in August was $350,000, up 2.9% from $340,000 in August of 2010 and up 19.7% from $292,500 last month. The Average Sales Price in August was $364,625, up4.7% from $348,299 in August of 2010 and up 33.2% from $273,833 last month. August 2011 ASP was at highest level compared to August of 2010 and 2009.
Inventory & MSI
The Total Inventory of Properties available for sale as of August was 112, down -9.7% from 124 last month and up 2.8% from 109 in August of last year. August 2011 Inventory was at highest level compared to August of 2010 and 2009.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The August 2011 MSI of 7.3 months was at mid range compared with August 2010 and 2009.
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 August was 56, down -31.7% from 82 days last month and down -15.2% from 66 days in August of last year. The August 2011 DOM was at its lowest level compared with August of 2010 and 2009.
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 and low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The August 2011 Selling Price per Square Foot of $149 was up 13.7% from $131 last month and down -3.9% from $155 in August 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 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 August 2011 Selling Price vs Original List Price of 97.4% was down from 98.2% last month and up from 94.5% in August of last year.
Inventory / New Lisitngs / 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 August 2011 was 13, down -27.8% from 18 last month and down -38.1% from 21 in August of last year.
If you, or someone you know are looking to sell or buy a home, please call Tatyana (860) 648-9270. See current homes for sale in Ellington: HOMES FOR SALE
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