Market Update

September 24, 2008

This weeks shows the trend of condos selling under asking price at a greater rate than single family homes continuing. The volume of sales also remains fairly similar to our last report. This is probably the last batch of closings for properties that accepted offers during the summer. From now on we’ll start to see what the fall market is doing. Other statistics from our sales meeting show that 47.5% of homes that sold accepted an offer in less than 30 days and sold for an average of 103% of asking price.

My own experience with the market recently has shown that things that sit are going for less, but that well-priced properties are moving. It seems it’s never wise to wait after you decide you like something unless losing it is OK with you. One client bought a two-unit way under asking price that had been on the market for 60+ days; another snagged a TIC 10k under ask just after its offer date passed unnoticed; and two others were beaten to the punch by other buyers within days of the property being listed.

Over Ask Under Ask At Ask

SFD 36 20 6

Condo 14 39 12

2-4 Units 9 3 1