I’m always curious to see how the local maplewood real estate market is doing and for that i like to draw upon my Economics background and my experience as an Exec Vice President in Wholesale where I would have my team provide me with sales tracking data.
As a realtor, i prefer to do this myself so that I am well versed when i meet with current clients or new potential clients.
So, here are the Year-to-Date Stats:
So far this year there have been 182 closed sales for the year. This compares to 194 sold thru the same time (9/15/2011 vs. 9/15/2010) period last year and a drop of 6.6%. The good news is that there are also 43 Homes currently Under Contract and another 3 in Atty Review and another 142 Active on the market.
While we like to know our unit comparisons, let’s face it, everyone’s main focus is on the almighty $. So, here is how we stack up $-wise:
In 2010, the average final listing price was $511.2K and the average price sold was $500.4K, meaning that homes sold for just a fraction under 98% of final list price.
In 2011, the average final listing price fell 1.8% to $501.9K and the average price sold fell 2.4% to $488.3K translating into homes selling for a slightly weaker 97.3% of final list price. So, yes, there has been a little deterioration using these statistics.
However, as a practitioner of Advanced CMA and former Ecomomics major, I feel compelled to adjust these statistics a bit further in lieu of the fact that in 2011 the average home sold came in slightly larger at 8.6 rooms vs 8.4 rooms in 2010. This 2.1% increase in home size, coupled with the 2.4% drop in price sold, really means that the average price paid for homes sold in Maplewood in 2011 is trending down by 4.5%. Still, relative to most of the area markets, we are comparatively healthy; but, if you are listing your home for sale, you need to be aware of this downward pressure as I would have no choice but to use these statistics in a conversation of potential current market value for home on the market. (ALL DATA TAKEN FROM GSMLS AND MAY ONLY BE AS ACCURATE AS REPRESENTED BY THEM).