Where is the Weare real estate market headed?
June 19th, 2009by Will Cornwell
Where is Weare’s housing market headed? Asking prices are substantially out of line from sales prices. What is a Weare seller to do?
Let’s take a look at what has happened in Weare by comparing June 1 2007- May 31 2008 & June 1 2008 –May 31 2009.
In 2007/2008 a total of 75 homes sold in Weare with an average sales price of $ 248,394. Homes were selling at a 2% discount from the last asking price on average. The marketing time to sell a home was 119 days. There were a total of 85 pending contract listings with an average listing price of $ 233,656. The number of new homes placed on the market for sale was 182 with an average listing price of $273,847.
During this time frame 14 Homes sold for under $200K; 46 sold between $200K – $300K; 14 sold between $300K – $500K and 1 home sold for $500K+ in Weare.
In 2008/2009 a total of 90 homes sold in Weare with an average sales price of $ 216,275. Homes were selling at a 2% discount from the last asking price on average. The marketing time to sell a home was 122 days. There were a total of 81 pending contract listings with an average listing price of $ 220,838. The number of new homes placed on the market for sale was 199 with an average listing price of $ 273,698.
During this time frame 35 homes sold for under $200K; 47 sold between $200K – $300K; 8 sold between $300 – $500K and no homes sold for $500K+ in Weare.
Using these sales figures the Weare market has seen roughly a 13% decrease in average sold sales price from June 07 to June 09. Homes that were placed on the market in 2008/2009 were not inline with sales as the average list price in 2008/2009 was nearly 21% over the average sales price of 2008/2009.
As of today, there are 73 homes on the market for sale in Weare. Essentially, using the statistics above for 2008/2009 it would take 10 months to sell all of the homes on the market today without having any new homes come on. 16 of the homes on the market are new construction which usually stays on the market for a longer period of time as most are not actually built until someone shows interest in the home. I will get into the new construction of Weare in my next posting.
Currently, 17 Homes are priced under $200K; 30 are priced between $200K -$300K; 21 between $300K – $500K and 5 are priced above the $500K range.
So what does all of this tell us? In Weare, 15 more homes sold in 2008/2009 than the previous year, however, the overall average sales price has come down by nearly $30,000. The current homes on the market in Weare are well above the sales average of 2008/2009 which will make it a lot more difficult to sell the homes priced over the $300K price range. Of course every home is special, each offer different amenities, different floor plans and in some cases magnificent views. In the end though, in these times it all comes down to price. What will the buyer (and bank) be willing to pay (borrow) for a new home, your home.
Based on information from the Northern New England Real Estate Network, Inc. for the period June 1, 2007 to May 31, 2009.
Contributed by William Cornwell, Realtor, Bean Group
