New London Real Estate: Is the Glass Half Full or Half Empty for the Month of May?
June 18th, 2009by Bethany Brenner
The results of New London’s real estate activity for the month of May, is much like looking at glass and asking whether it is half full or half empty. If we look at last month’s home sales, May of 2009 took a turn in the wrong direction. If we look back one complete year, we see that home sales have more than doubled. With 5 home sales last month and 1 last year, this month’s number of three can be seen as middle of the road.
Prices of home sales have fallen in New London. This month home sales closed with a median of $394,000, over one hundred thousand less than last year ($539,500) and last month ($520,000). It has been a while since New London saw median numbers below $400,000. Falling numbers in real estate are not always a negative especially when comparing the average number of days a home stays on the market. May of 2009 saw a 95 day average compared to 163 and 352 for last month and last year at this time respectively.
Another statistic worth noting is the sale to list ratio. While home sales sold for less than previous months, the sale/list (or the percentage a home closed relative to it’s listed price) was 10% hire this month than last month. So while homes sold for less, sellers did receive a larger percentage of their asking prices than in month’s prior.
Based on information from the Northern New England Real Estate Network, Inc for Month of May 2009
Contributed By Bethany L. Brenner, GRI, SRES, Realtor, Bean Group
