The real estate market in Brewster showed some healthy signs in February 2010. Namely, the number of closings shot up 33% comparing with January 2010, and the number of all properties currently listed for sale decreased 4%. Of course, it is not much in a greater scheme of things, and the absorption rate (or the number of months it will take to sell all inventory in Brewster without anything new coming on the market) is still high, but one can always hope, right?
Lately, while in the office scheduling appointments and answering the inquiries from potential buyers, I noticed a great increase of activity. Just a few weeks ago, on a good day we were making 2-5 appointments a day, now it can be up to 15-20. Those are for real estate agents showing their clients properties and making offers! More prospective buyers are also calling in and inquiring about our listings. These are definitely the signs of improvement.
Now, let's get back to Brewster real estate market snapshot. Remember that the data below is for single family houses only in Brewster school district.
Market Profile & Trends Overview
Total properties currently for sale: 132
Newly listed properties in February: 23
Median list price/current listings: $399,900
Average list price/current listings: $456,322
Number of properties sold in February: 8
February median sales price: $350,000
February average sales price: $436,813
February average days on market/sold listings: 214
February months' supply of inventory: 16.5
Property Sales
February property sales were 8, up 166.7% from 3 in February 2009 and 33% higher than 6 sales last month. February 2010 sales were at their highest level compared to February 2009 and 2008. February YTD sales of 14 are running 75% ahead of last year's year-to-date sales of 8.
Prices
the median sales price in February was $350,000, up 4.5% from $335,000 in February 2009 and down -1.4% from $355,000 last month. The average sales price in February was $436,813, up 37.9% from $316,667 in February 2009 and up 14.4% from $381,667 last month.
Inventory & Absorption Rate
The total inventory of properties available for sale as of February was 132, down -3.6% from 137 last month and down -13.2% from 152 in February 2009. February 2010 inventory was at its lowest level compared with February of 2009 and 2008. The number of new listings in February 2010 was 23, down -28.1% from 32 last month and up 15% from 20 in February of last year.
The February 2010 months' supply of inventory was 16.5 months, which is a sign of a strong buyers' market, at the same time, it is the lowest compared with February 2009 and 2008.
Market Time
The average days on market shows how many days the average property is on the market before it sells. That number for February 2010 in Brewster was 214, up 75.4% from 122 days last month and up 12.6% from 190 days in February 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 on the direction of property values. The February 2010 selling price per square foot of $191 was up 4.8% from $182 last month and up 0.7% from 189 in February 2009.
Do you have any questions or would like more information about sold or listed properties in Brewster or in nearby communities? Email, call or text me!
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