As of February 28, supply of inventory in Somers school district was 53.5 months! That’s how long it would take to sell all currently active listings (based on the sale numbers from prior months), if nothing else comes on the market! This number reflects a huge drop in sold homes and increase of inventory since January 2010.
Coldwell Banker Somers office
Here are the vital numbers for Somers real estate (Somers school district, single family houses only)
Market Profile & Trends Overview
Total listings currently for sale: 107
Median list price of all current listings: $750,000
Average list price of all current listings: $882,661
February number of properties sold: 2
February median sales price: $882,000
February average sales price: $882,000
February average days on market: 132
February sold price per square food: $243
February month’s supply of inventory: 53.5
Property Sales
February property sales were 2, down -50% from 4 in February 2009 and -66.7% lower than the 6 sales last month! February 2010 sales were at their lowest level compared to February 2009 and 2008. February YTD sales of 8 are running 60% ahead of last year’s year-to-date sales of 5.
Prices
The median sales price in February was $882,000, up 44.6% from $610,000 in February 2009 and up 34.7% from $655,000 last month. The average sales price in February was $882,000, up 54.4% from $517,250 in February 2009 and up 27.4% from $692,500 last month.
Inventory & Absorption Rate
The total inventory of properties available for sale as of February was 107, up 4.9% from 102 last month, and up 15.1% from 93 in February 2009. February 2010 inventory was at its highest level compared with February of 2009 and 2008. The number of new listings in February 2010 was 15, down -6.3% from 16 last month and down -40% from 25 in February 2009.
Absorption rate of 53.5 months was at its highest level compared with February 2009 and 2008.
Market Time
The average days on market shows how many days the average property is on the market before it sells. The average days on market in February was 132, down -24.6% from 175 days last month and up 21.1% from 109 days in February 2009.
Selling Price per Square Foot
The selling price per square foot in February 2010 was $243, up 15.9% from $210 last month and down -2.3% from 249 in February 2009.
Overall, Somers real estate market remains very much buyer-centric. There are great bargains out there for educated buyers!
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