Norfolk Real Estate Single Family Market Report July 2016. The market is boiling and saturated with 110 properties in the various stages of sales according to MLSPIN, the Greater Boston Area MLS service. Of those properties in the Active category which included the Contingent properties (Contingent is defined as properties that have an accepted qualified offer and are in their discovery phase before Purchase and Sale)
Single Family Active Listings: 74 Avg. Liv.Area SqFt: 3,010.92 Avg. List$: $707,321 Avg. List$/SqFt: $245 Avg. DOM: 122.54 Avg. DTO: 56.55
Single Family Active Listings: 20 Avg. Liv.Area SqFt: 2,139.15 Avg. List$: $494,920 Avg. List$/SqFt: $237 Avg. DOM: 89.75 Avg. DTO: 56.55
So 27% of the listings are contingent. This is an incredible Buyers Market with a lot of activity and a lot of sales about to happen. From the look of this you would think that everything will sell, but that is not how it works these days. People are very savvy when it comes to house pricing and market trends. There are all kinds of tools and apps to use to determine valuation. Not all of these are great, it has been proven how inaccurate Zillow can be, but this never stops people from thinking their house is worth more that it is. When you over price your property using incorrect data your property can linger on the market longer than the averages.
Single Family Under Agreement Listings: 9 Avg. Liv.Area SqFt: 2,409.22 Avg. List$: $507,844 Avg. List$/SqFt: $214 Avg. DOM: 142.00 Avg. DTO: 27.11
9 properties under agreement and another 20 on the way from contingent to under agreement speaks to the Buyer’s Market aspect of Norfolk Real Estate right now.
Single Family Sold Listings: 22 Avg. Liv.Area SqFt: 2,356.14 Avg. List$: $508,141 Avg. List$/SqFt: $221 Avg. DOM: 81.23 Avg. DTO: 43.00 Avg. Sale$: $501,248 Avg. Sale$/SqFt: $216
With 22 Sales in the last month and 9-31 closings in the next couple of months it defines Buyer’s Market. A normal market has 6 months of inventory. With 9 Sales and 74 Active listings we have an inventory that spans 8 months making it a Buyers Market, but the reality is with 20 contingent you need to temper what is going on and look to the 50 Active and do the math which makes 54 divided by 9 sales and we have an exact 6 months of inventory. Houses properly priced for the market go quickly.
Single Family Expired Listings: 2 Avg. Liv.Area SqFt: 4,400.00 Avg. List$: $1,149,450 Avg. List$/SqFt: $251 Avg. DOM: 332.00
Single Family Canceled Listings: 3 Avg. Liv.Area SqFt: 3,461.67 Avg. List$: $946,267 Avg. List$/SqFt: $254 Avg. DOM: 104.33
With only 5 properties expired and canceled with the average days way over the average days for the sales in this town speaks to the price, condition and marketing of this property. It also could indicate that the Seller is unrealistic about what is going on with the property and just wants what he will not get. That is real estate that is the Norfolk Real Estate Single Family Market Report July 2016