Business & Tech
May Real Estate Statistics for Fort Hunt
Two local realtors weigh in on the local real estate market.
Hello Fort Hunters! Hope you are enjoying all the fantastic summer fun our communities, neighbors, and volunteers supply: swim and tennis teams, neighborhood pools, camps, boating, walking, running or biking along or on the river, no school and hopefully the ability to enjoy a slower pace of life. Yeah summer!
We are so fortunate to be able to boast about a great May 2012 real estate wise. We truly had a very strong May and the entire spring selling season in general was fantastic.
The chart highlights our sales volume and closed sales, both up substantially month over month and year over year. Median sold prices held basically steady and the average sales steady month over month and down 10 percent year over year. In our zip code, the varying price points from the $400s to well over multi-million dollar homes will impact those numbers, so this is not concerning to us.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
Homes, priced well, are going under contract quickly. Average days on market are 21 days. That is a big improvement, and indicates that our current inventory is lean, and that buyers are buying quickly.
Statistic
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
Values
Year over Year
Month over Month
Total Sold Dollar Volume
$15,523,700
+26.93%
+36.05%
Closed Sales
27
+42.11%
+35%
Median Sold Price
$570,000
+1.79%
+3.4%
Average Sold Price
$574,952
-10.68%
+0.78%
Average Days on Market
21 days
-76.14%
-52.27%
Average Sold to Original List Ratio
97.63%
+2.39%
-0.28%
Attached is snapshot of the last 5 months of May, and you can see that we are doing well. We are on track with 2010 and a having a really strong May in comparison to sales activity from other recent years.
Below please find a comparison of May 2012 to May 2011. We are almost 27 percent higher in sales volume, and have 42 percent more units sold this year as compared to last. Look at the difference in days on market…which is fairly remarkable. We are down 76% for the amount of time it takes to sell a home! Although nominal, the average sold price compared to original sales price, is up as well.
Sold Summary
May 2012
May 2011
% Change
Sold Dollar Volume
$15,523,700
$12,230,600
26.93%
Average Sold Price
$574,952
$643,716
-10.68%
Median Sold Price
$570,000
$560,000
1.79%
Units Sold
27
19
42.11%
Average Days on Market
21
88
-76.14%
Average List Price for Solds
$583,334
$661,132
-11.77%
Average Sold Price to Original List Price Ratio
97.6%
95.4%
2.39%
Ratio of Average Sold Price to Average Original List Price
97.9%
95.4%
2.53%
Lastly, the chart below illustrates analysis of our current inventory situation. We have 40% fewer houses on the market than this same time last year. That is significant. This speaks to the time on the market coming down dramatically, as there are fewer houses to buy.
Another factor that is contributing to our strong numbers is the lower interest rates that banks are currently offering. Over the life of a loan, the savings on purchasing a house in today’s lending environment is literally hundred of thousands of dollars when buyers take advantage of our current phenomenal and historically low interest rates.
Inventory
May 2012
May 2011
% Change
Active Listings
47
79
-40.51%
New Listings
26
34
-23.53%
New Under Contracts
3
4
-25.00%
New Contingents
20
16
25.00%
New Pendings
23
20
15.00%
All Pendings
36
28
28.57%
Thank you for stopping by to check in on our local real estate market.
We would love to hear from you with questions or comments.
Have a wonderful July 4th!
Happy Buying and Selling!
Lyssa Seward and Jane Cole
Lseward@cbmove.com Jcole@cbmove.com
Market statistics courtesy of RBI.