Buyers headed towards the closing table with a little more gusto this past year in terms of number of homes sold. This is a value driven real estate market so the number of homes sold is up by 4.2%, but average sales prices were down by approximately 13%.
The strongest segment continues to be a 4-5 bedroom colonial home priced between $850,000. and $2 million. The $3.75 – $4.25 million price range picked up a bit, but the high end market remains slow due in part to a large inventory of competitively priced homes. Two homes sold over $5 million compared to 6 the previous year. New construction continues to be appealing to buyers with 13 homes sold and 4 more under contract.
* In 2012 the average listing price was $1,759,369.00 (slightly lower than last year) with an average selling price of $1,652,445.00. The sold price to original list price ratio was 92.96% with an average of 185 days on the market.
Pricing is key. Buyers are looking for value. The top three factors driving home buyers are the characteristics of the neighborhood, updated kitchens and/or baths and overall affordability.