Here are a few quick facts to give you an overall picture of the March 2015 real estate market:
- The average sales price: $950,025.
- The lowest priced sale: $200,550.
- The highest priced sale: $1,800,000.
- The median sale price: $830,000.
- Homes spent an average of 130 days on the market.
- Homes sold for an average of 101.5% of their listing price.
NOTE: The Selling Price/Listing Price ratio noted above, for the month of March is101.5%. These figures were highly affected by the sale of10 Thoresen Road in Warren, which was listed at $93,150 but sold for well above asking price at $200,500, generating a SP/LP of 215.3%, driving up that average SP/LP figure. Considering this sale could skew the overall picture of Warren's average SP/LP, please take note of the MEDIAN SP/LP for Warren's March Sold properties, which is 95.2%.
I enjoy breaking down the data by price range, showing the history of the most demanded price ranges. Out of the 18 homes sold, the most popular price range for March 2015 was $1.5M-$1.99, with 5 homes sold.
One of my favorite statistics to analyze is absorption rate. It is the examination and prediction of how quickly can the current unsold inventory of homes (current active listed homes) can be absorbed (sold). You can see the results in the absorption rate graph above.
Our guide - If the absorption rate is:
- 6 months is the balanced market benchmark.
- under 6 months... it is a sellers market.
- above 6 Months... it is a buyers market.
The overall Warren market absorption rate for March 2015 is just under 6 months of inventory (i.e. 5.86 months), translating to a pretty balanced market.
As far as price ranges... that shows a different story. As you may have guessed, the under $1M homes have a much greater demand combined with less overall active inventory to be absorbed, resulting in a "seller's market," $1M-$2M range = a significant buyer's market and $2M+ = slightly a buyer's market. Note: this is a guide, but averages are just that, estimations, since every house is unique.
For your digital copy of our March 2015 State of the Market Report, CLICK HERE.
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