Sales Market Summary Q2 2014: The strong market we saw begin in 2014 continued–and then some– for April-June 2014. There were a total of 53 sales in this period (18 condos, 8 THs, 27 detached). For most of the period, the number of active listings (all types) on any given day was between 30-35. That pace was stronger than the previous quarter–but that’s not surprising as April-June is the “Spring Market.” The volume was 23% lower vs. Q2 2013 which had 65 sales (18 Condos, 16 THs, 31 Detached). We have a tight market and as expected, it was a boon to sellers with multiple offers, contingencies being waived, etc.
Distressed Sales: As expected, there were no short sales or foreclosures. In fact the likelihood of anymore of these sales going forward is (thankfully) very slim.
Note: Below #s are averaged; TAV = Tax Assessed Value
*18 Sold (6 more than Q1 2014)
*Days on Market: 18-22……Slightly lower than Q1
*Sold Price: $406,597, 10% above TAV
*Seller Subsidy: Only 22% had a Seller Subsidy, with an average of $778 (fairly small amount)
*Price Difference (Sold vs. List): A negative $3,694
*8 Sold (5 more than Q1 2014)
*Days on Market: 16……Like Q1, very fast
*Sold Price: $695,113, 14% above TAV (slightly better than Q1 2014)
*Seller Subsidy: 38% had a seller subsidy; $1,875 (quite low, a non-issue)
*Price Difference (Sold vs. List): A positive $375
Note: Unlike Q1 where all sales were in Winter Hill, this quarter saw sales in 5 sub-divisions.
*27 Sold (11 more than Q1 2014)
*Days on Market: 16-29…..a bit on the long side due to 4 overpriced listings. Excluding them, 16 days was the average
*Sold Price: $919,230, 9% above TAV
*Seller Subsidy: 19% had SS; $1,754 (quite low, a non-issue)
*Price Difference (List vs. Sold): A negative $2,655
Rental Market Summary Q2 2014: No change, the rental market remains tight–just like its sales counterpart. Interestingly, there were the same number of rentals for Q1 and Q2 of this year.
*20 rentals (9 condos, 4 THs, 7 detached)
*Days on Market: 59 condo; 16 TH, 19 detached
*Rented Price Range/Month: Condo: $1200-2575; TH: $2700-3995; Detached: $2400-4650
As of early July, there were 19 Active rentals (10 condos/apartments, 2 THs, 7 detached). As always, there are several in Roosevelt Towers that are essentially permanent rentals (i.e. they’ve been in MLS for years). By removing those 5, you’re left with only 14 active listing–a very tight market by anyone’s standards.
NOTE: Not all rentals are in MLS. Some are done privately or more often on-line (Craig’s List, Military by Owner, etc.) so the numbers here don’t show everything. However we’re confident they capture the overall trend.
What’s Next: Surprisingly the typical Summer lull has not yet happened. It probably will but clearly later than usual. As of mid-July, there were 40 active listings. While not a huge number, it’s more than you’d expect for this time of year, vs. the just completed Spring Market.
In large part, 9 of the 40 have been for sale over 50 days–with another 8 over 30 days. Given the market strength, that’s simply too long. Clearly there are quite a few stubborn sellers out there.
What makes this business hard to explain at times is that a few listings actually do sell close to an “apparently” inflated list price. The few that succeed always have a special feature (location, curb appeal) that buyers just love. Of course that encourages others to push the envelope. They don’t succeed as their properties lack any uniqueness. The listings either don’t sell at all or go for less than what they reasonably could have had. That’s the beauty of the market–it rewards the reasonable and punishes the not so.