First Half Real Estate Market Action in the Chathams

For the first six months of 2012, a total of 95 units sold in the Chatham real estate market. Single family homes were the largest segment of the market.

June property sales were 28, down -9.7 percent from 31 in June of 2011 and 40 percent higher than the 20 sales in May. June 2012 sales were at their lowest level compared to June of 2011 and 2010. June YTD sales of 95 are running -25.8 percent behind last year's year-to-date sales of 128.

• The median sales price in June was $701,250, up 10.4 percent from $635,000 in June of 2011 and up 1.3 percent from $692,500 May. The average sales price in June was $806,035, up 4 percent from $774,748 in June of 2011 and up 3.5% from $778,850 in May. June 2012 ASP was at a mid range compared to June of 2011 and 2010. 
• The average days on market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer's market; a downward trend is a move towards more of a seller's market. The DOM for June was 66, down -5.7 percent from 70 days May and up 37.5 percent from 48 days in June of last year. The June 2012 DOM was at its highest level compared with June of 2011 and 2010.
• The total inventory of properties available for sale as of June was 148, down -3.3 percent from 153 in May and up 11.3 percent from 133 in June of last year. June 2012 inventory was at its highest level compared to June of 2011 and 2010.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The June 2012 MSI of 5.3 months was at its highest level compared with June of 2011 and 2010.

• The selling price vs. listing price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100 percent the more of a buyer's market exists, a ratio at or above 100 percent indicates more of a seller's market. The June 2012 selling price vs. list price of 94.8 percent was down from 96.3 percent in May and down from 98.3 percent in June of last year.

If you are thinking of placing your home on the market and are not quite sure if it’s the right time for you, feel free to request a complete competitive market analysis, which reviews competing homes currently on the market, and inventory levels specific to your locale and price point. Now is not the time to wait if you want to list your home.