A recent National Association of Realtors report reported a rise in home sales over $1 Million contributing it to the easier access of Jumbo loans, and the low mortgage rates.
We all know that real estate is local, so how does that equate to Larchmont, 10538 compared to a year ago?
Homes that sold between $1 Million and $1,499,000 month ending September, 2012 reflected a 100% change in pendings … A year ago, there were 391 available homes with 40 homes pending with a supply/demand ratio of 10% – low demand… compared to 2012 with fewer homes on the market (370), but with 80 pending home sales resulting in a 5% Supply/Demand ratio which indicates a balanced market.. This can be attributed to those low mortgage rates as noted above. There is actually a 5.4% lower percentage of listings in that particular price range which helped result in some multiple offers on the various homes.
In reviewing the Statistical Chart Report of our local EAMLS (as of December 2nd, 2012), it is currently reflecting a 51.58% in sold properties One Million Dollars and higher , 36.84% active, and 11.58% Pending. There is an average of 71.4% with 120+ days on the market (93.8% Sales to List price), 20.4% 91-120 days ( 97.5% Sales to List Price) , and 8.2% 61-90 Days (with an average of 103.7% (Sales to List price).
This all depicts a brisk market in the Million to $1,499,000 range, and a lower demand in the higher priced homes. It should be noted that once again, the data reflects that the longer a property is on the market., it would seem to obtain a lower sales price.
For those home owners who did not purchase at the height of the market in 2006 or who perhaps renovated thereafter, are still able to obtain nice sales prices especially if they are purchasing a home elsewhere, taking advantage of lower prices and those low mortgage rates.
Choosing an agent is important. The correct agent extremely important. Choose wisely and choose an agent who will market your home and not just list it!
Larchmont is GREAT!