The real estate market in Mahopac showed signs of freezing in February (not surprising, given the weather we’be been experiencing!) Just as in surrounding towns, the pace of sales slowed down considerably, while supply of inventory increased. As of end of February, absorption rate in Mahopac was 54.7 months! That is how long it would take to sell all currently listed houses WITHOUT any new ones coming on the market.
The market is down -73% in number of sales in February 2010 vs. February 2009! It is also down -51% in median sales price comparing with February 2009!
And here is the rest of the vital statistics for Mahopac Real Estate (as relates to single family houses only, in Mahopac school district).
Market Profile & Trends Overview:
Total properties currently for sale (inventory): 164
Median list price of all current listings: $493,500
Average list price of all current listings: $565,537
February number of properties sold: 3
February median sales price: $225,000
February average sales price: $237,330
February average days on market (solds): 188
February sold price per square foot: $126
February months supply of inventory: 54.7
Property Sales:
February property sales were 3, down -72.7% from 11 in February 2009, and -70% lower than the 10 sales last month. February 2010 sales were at the lowest level compared to February 2009 (11) and 2008 (16). February YTD sales of 13 are running -35% behind last year’s year-to-date sales of 20.
Prices:
The median sales price in February was $225,000, down -51.3% from $462,000 in February 2009 and down -45.2% from $410,500 last month. The average sales price in February was $237,330, down -45.7% from $437,218 in February 2009 and down -36.2% from $372,100 last month.
Inventory & Months Supply of Inventory:
The total inventory of properties available for sale as of February was 164, up 5.8% from 155 last month and up 12.3% from 146 in February 2009. The February 2010 Months Supply of Inventory of 54.7 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. That number for February was 188, down -4.1% from 196 days last month, and down 2.6% from 193 days in February of last year.
Selling price per square foot:
The selling price per square foot is a great indicator for the direction of property values. Since median and average sales price can be impacted by the ‘mix’ of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The February 2010 selling price per square foot of $126 was down -31.1% from $184 last month and down -40.3% from 212 in February 2009.
Questions? Comments? Would you like to see a list of all sold or currently listed properties? Interested in obtaining FREE Comparative Market Analysis for you house? Do not hesitate to leave your comment on this page, or reach me via email, text or phone! I am looking forward to speaking with you!
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Email: NatashaP@cbmoves.com
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