The state of the real estate market in Carmel, New York, pretty much reflects that of the surrounding towns. There was more listing activity with less sales reported in January 2010. Plus, currently there are over 23 months worth of active listings on the market, which translates into a very strong buyers market.
Below are the vital numbers for Carmel real estate market (as defined by school district, single-family houses only).
Market Profile & Trends Overview
Total properties currently for sale 212
New listings in January 48
Median list price/active listings $375,000
Average list price/active listings $441,983
January properties sold 9
Median sales price $257,000
Average sales price $289,256
January sold price per sq foot $165
Months supply of inventory 23.6
Inventory & Absorption Rate
The total inventory of properties available for sale in Carmel school district as of January was 212, down -3.2% from 219 last month and up 1.9% from 208 in January 2009. The number of new listings was 48, up 77.8% from 27 last month and up 50% from 32 in January of last year.
The January 2010 months supply of inventory of 23.6 months is a sign of a very strong buyers market in Carmel.
January property sales were 9, up 50% from 6 in January of 2009 and -25% lower than the 12 sales last month. January YTD sales of 9 are running 50% ahead of last year's year-to-date sales of 6.
The median sales price in January was $257,000; up 2.6% from $250,500 in January of 2009 and up 3.2% from $249,000 last month. The average sales price from January was $289,256; up 17.3% from $246,583 in January of 2009 and down -0.6% from $209,979 last month.
The average days on market shows how many days the average property is on the market before it sells. The days on market for January was 271, up 97.8% from 137 days last month and down -16.6% from 325 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 sales price and average sales price 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. The January 2010 selling price per square foot of $165 was up 5.4% from $156 last month and down -6.3% from 176 in January of last year.
Overall, the real estate in Carmel (NY) strongly favors buyers right now. Combine this with great variety of housing choices, federal tax credits, low mortgage rates - all of these translate into a really fantastic time to buy - what are you waiting for?