Warren Real Estate Market Recap for February

Last month, I introduced the Market Absorption Rate, a simple calculation that measures the "time to sell"  It is a good barometer of market condition and is calculated by taking the total number of active listings and dividing by the number that have gone under contract in the last 30 days. 

A normal or balanced market is one in which it is taking 5-6 months to sell; anything less is considered a seller's market, anything more a buyer's market.

The  market absorption for February shows an improving trend at 7.5 months to sell, as compared to 17 months for January.  The market for homes priced over $1 million remains unchanged at nine months to sell.

I am optimistic that we will see continued improvement over the next 3-4 months as the spring market takes hold.  The rugged winter weather has delayed the market thaw, but as the February stats show, the market is picking up.  Agents report increased activities on their listings, open house volume is up and more importantly the guest tally is increasing.  

And online property views are on the rise as well, confirming increased interest on the part of buyers.  All of this is good news.

One thing is sure—in any 12 month cycle, the spring market is the most robust period.  And so if you are thinking about selling your home in this calendar year, the window of opportunity is now.

February Market at a Glance: 

• Market Absorption Rate, ie, Time to Sell:  7.5 months
• Active Listings:  123;   
• Average List Price:  $968,206
• New Listings:  21;  
• Average List Price: $815,719
• Under Contract:  9;   
• Average List Price:  $785,635
• Sold:  8;   
• Average Sale Price:  $620,125;   
• Sale Price/List Price:  91 percent    

February Closed Sales: 

There were eight closed sales in February, ranging in price from a $181,000 fixer-upper to a $1,200,000 Greenwood Meadows home.  A note about Days on the Market (DOM): Sometimes properties go through multiple listing periods before successfully selling. Where that is true, I have included the additional days from prior listing periods, assuming no significant break in timing.

Colonial

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