HIGHS AND LOWS - CLAREMONT, SEPTEMBER 21, 2011
Okay, so here are the highs and lows of Claremont today.
SINGLE FAMILY HOMES
Highest Priced Home$ 4,000,000
Lowest Priced Home$ 240,000
Average$ 475,000
# Of Active Listings 101
Sold Homes This Week 3
WHAT THIS MEANS TO YOU: You now have more information about what's happening with the CLAREMONT REAL ESTATE MARKET so you can make an informed decision on whether this city is right for you and if the prices fit into your budget.
The other thing you can learn from this information is the saturation rate of the existing active real estate listings. The saturation rate is determined by the amount of sales in a week and the number of listings available for sale. So in this case, there are 101 homes being actively marketed by Realtors for sale. If you divide those 101 by the number of homes sold this week, you have your saturation rate. This means that if you placed your home on the market to sell you can expect it to take a little over 33 weeks to complete the sale of your home. That is if no other listings come into the real estate marketplace during that time. And we all know how likely that is, now don't we...
HOW THIS AFFECTS YOU: If your price is competitive and your home is in relatively decent shape you can have it sold in as little as one day or as much or more than the 48 weeks. Whether your home is a standard sale, a short sale or a bank owned sale also factors in. Short sales can take a long time to get an answer and many times the first buyers will back out and you have to start over with another. REO's are a bit faster, and standard sales are in demand!
It also depends on the agent you are using. The more aggressive your agent's marketing plan is for your home, the more exposure your home gets and you can see that would have a great impact. On the other hand, if you use someone who merely puts your home on the MLS and does nothing more, it will most likely take a little more time to sell.
If you are a buyer, this means you have a bigger selection to choose from and you have a better chance right now of getting an offer accepted. Just remember, if the home you want is a short sale it could literally take a few months to complete the sale, so be patient!
CONDOS/TOWNHOMES
Highest Priced Condo$ 702,688
Lowest Priced Condo$ 158,000
Average$ 339,000
# of Active Listings 15
Sold Condos This Week 1
So if the same holds true for CONDOS, then it would take 15 weeks to sell your condo or townhome. And a buyer only has 15 to choose from right now. It seems that during these trying economic times, people are really not doing much in the way of buying or selling a condo.
And, as always, if you have real estate questions or need to buy or sell a home, please feel free to call me, a local expert. I will be honored to assist you.
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