The pace of sales has slowed down considerably in Somers' Heritage Hills in February 2010. There were only 3 sales recorded in February '10 as opposed to 9 sales in January '10 and 16 in December '09! Of course, we could blame the cold and wet weather in February, however, it usually takes 30-45 days from accepted offer to the closing table, so the contracts would have to be signed much earlier than February...
The current inventory in Heritage Hills consists of 38 units on the market, and absorption rate now stands at 4 months (this is how long it will take to sell off everything that's currently listed without any new units coming on the market). Sellers' market in Heritage Hills as I proclaimed just a few months ago, is now officially gone and history. But even though the absorption rate is higher today than it was at the end of 2009, the real estate market in Heritage Hills is still doing much better here than in surrounding towns, where the absorption rates can be anywhere between 15 and 30 months! These days, the most showing appointments we are scheduling are for Heritage Hills units.
Below are some vital numbers for the Heritage Hills condo units as of February 28 2010:
Currently listed - 38
Average price/currently listed - $402,886
Median price/currently listed - $389,479
New units listed in February - 13
Sold in February - 3
Average sale price - $312,666
Median sale price - $299,000
Of currently active listings there are:
1BR - 6 units priced between $229,500 and $419,000
2BR - 24 units priced between $299,000 and $549,000
3BR - 8 units priced between $365,000 and $699,000
Questions? Would you like to see the details about specific condo units in Heritage Hills? Don't hesitate to call, email or text me for more information.