July 2011 Market Summary

As we discussed in last month’s newsletter, sales in June were considerably up in order to avoid the increased State Conveyance Tax imposed on sellers which went into effect on July 1. As expected, July sales were down over the previous two years

with 44 single family homes sold in 2011 compared to 51 in July of 2009 and 55 in July of 2010.

So while there are a lot of cautious people out there right now, June and July saw buyers making the decision to buy instead of staying firmly planted on the real estate fence. The sweet spot in July home sales was $1,000,000 to $1,499,999 with 12 homes being

sold while there were 2 homes sold under $499,999 and 2 in the $10,000,000 plus group. As of August 9, 14 single family homes have been sold which isn’t too bad for

a month typically off due to summer vacations.

With so much economic uncertainty maybe buyers are looking for a secure place in which to put down roots, raise their families and invest in a future with a roof over their heads.

Enjoy the rest of the summer and, as always, let us know if you would like more information on any property or statistic.

 

July 2011 Single Family Sales at a glance:

• The highest priced home: listed: $36,500,000 sold: $32,500,000 days on market: 349
• The lowest priced home: listed: at $497,000 sold: $475,000 days on market: 283
• The median number of days on market was 81
• The median sale price to list price was 95%
• The median sale price per sq. ft. was $497

JULY MEDIANS

	beds	baths	Sqft	LP	lp/sqft	Sp	sp/sqft	sp/lp	dom	transactions
2009 medians	4	3	3,710	$2,200,000	$623	$1,980,000	$563	91%	84	51
2010 medians	4	3	3,963	$2,375,000	$534	$2,050,000	$504	94%	76	55
2011 medians	4	3	3,022	$1,612,500	$514	$1,497,500	$497	95%	81	44