BERKLEY - MARKET REPORT JULY 2008

Berkley, MA

Total Market Report is provided to give you an overall picture of the current market conditions.The following report is for single family homes sold in Berkley from July 1, 2008- July 31,2008.

Single Family Homes

Number of Homes on Market              42 (down 7 from last report)

Average Days on the Market             186!!!!!!!!

Number of Homes U.A.G                 7

Average Price of U.A.G. Homes        $304,298

Number of Homes Sold                    0

Average Sold Price                         $0
                                                             ~ $334,250 As of July 9, 2008
                                                             ~$317,800  As of June 12, 2008
                                                                                 ~$418,333  As of May 1, 2008
                                                             ~$286,833  As of April 8, 2008            
                                                             ~$180,000 As of March 8, 2008            
                                                                                 ~$344,250 As of  February 7, 2008            
                                                                                 ~$349,000 As of January 8, 2008             
                                                                                 ~$262,442  As of December 9, 2007
                                                             ~$243,125 As of November 7, 2007        
                                                             ~$645,500 As of October 4, 2007 
                                                             ~$331,000 As of Sept.1, 2007
                                                                                 ~$349,073 AS OF AUG. 4, 2007 
                                                                                 ~$356,473 AS OF JUNE 24, 2007


Average Asking Price                       $406,529

Lowest SALE Price                            $269,500

Highest SALE Price                           $375,000

MY LAST MARKET UPDATE WAS July 9th AND THE AVERAGE SALE PRICE WAS $334,250.00.

JULY HAD NO CLOSINGS!!!!!!!!!!!!!!!!!!!!!!!! 

The number of home sales is remaining steady.Right now there is approx. 6 months worth of inventory on the market, which is still saying quite strongly it is a Buyer's Market. What that means is, if no more homes came on the market and all the current homes stayed on the market until they sold it would take 6 months for all the homes to be sold, assuming that they are all priced correctly.  It is a widely accepted rule that if we have less than 6 months but more than 3 months worth of inventory we are in a neutral market.  A neutral market means that home prices are in line with affordability and are being absorbed at a moderate pace.  

Unfortunately, we have seen a sharp increase in the absorption rate in the past couple of months.  The cost of fuel and other economic problems have negatively impacted the housing market. 

How does this effect you?

Better your odds for a more timely sale by pricing your home ahead of the curve! Pricing it AT the curve in a declining market will put you in line to sell on the 10th month at a lower price than what you would have received had it been priced competitively in the beginning. Remember: Time is NOT on your side in a declining market.

Price it ahead of the curve and you will open your home up to the largest pool of potential buyers which will sharply lessen your market time AND increase your bottom line! I would rather see any seller get multiple offers to choose from than no offers at all.

Call me for a competent, accurate analysis of your home. 

Visit http://www.berkleymass.com/ for all your Bristol County Real Estate Needs!

Bobbie Files
REALTOR
Keller Williams Realty
508-238-5000 x.296  Office
508-789-0217  Direct
bobbiefiles@kw.com  Email