There are total of 125 actively listed properties in Warren, ranging in price from a low of $310,000 to a high of $3,500,000, predominately resales but a handful of new construction opportunities at mid- to high-price points, as well as age-restricted opportunities at both Town Center and Four Seasons at the Promenade.
Of the total active inventory, 79 of the homes are priced under the $1 million mark, and 46 over.
In terms of market movement, a good measure is the Market Absorption Rate which provides a snapshot of average “time to sell” by dividing the total active inventory by the number of properties that have sold in the last 30 days. A total of 14 homes have gone under contract in Warren in the last 30 days, yielding a 8.9 month ratio (125/14).
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Of the 14 homes that have gone under contract, 10 have been under $1 million and four over. A market is considered “normal” or balanced when the Market Absorption Rate is 5-6 months, under that is considered a Seller’s Market, over that, a Buyer’s Market.
Buyers are out in force and homes are selling. Price and condition remain the driving forces to success.
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For February, there were a total of 11 closed sales as follows:
Address
List Price
Style
RM
BR
TBT
Gar
Sold Price
SP/LP
DOM
41 ELIZABETH AVE
$51,500
FixUp
8
2
1
0
$62,000
120%
96
128 MT HOREB RD
$459,000
Custom
7
3
2
0
$400,000
87%
148
57 GREEN VALLEY DR
$469,000
Ranch
6
3
2
2
$450,000
96%
17
23 HELEN ST
$550,000
Ranch
7
4
2
2
$500,000
91%
84
5 SYCAMORE WAY
$729,900
Colonial
10
4
2.2
2
$706,450
97%
56
3 FRIAR TUCK CT
$849,900
Custom
12
5
3.1
3
$800,000
94%
19
13 CANTERBURY CT
$880,000
Colonial
11
4
2.1
2
$840,000
95%
0
12 MOUNTAIN TRL
$899,000
Contemp
10
5
4.1
3
$750,000
83%
182
11 SOFTWOOD WAY
$995,000
Colonial
12
5
3.1
3
$980,000
98%
122
27 ROBIN RD
$1,049,000
Colonial
10
5
2.1
3
$930,000
88%
120
16 STRAWBERRY LN
$1,550,000
Colonial
15
5
5.1
3
$1,515,000
98%
9
*Note: Days on market reflects the current listing period. DOM would increase for homes previously listed.
Jeanne Feenick, local resident and real estate professional, provides updates on the Warren market.
