Berkley, MA
Total Market Report is provided to give you an overall picture of the current market conditions.The following report is for single family homes sold in Berkley from August 1, 2008- August 31,2008.
Single Family Homes
Number of Homes on Market 41 (down 1 from last report)
Average Days on the Market 186!!!!!!!!
Number of Homes U.A.G 6
Average Price of U.A.G. Homes $324,583
Number of Homes Sold 1
Average Sold Price $435,000
~$0 As of August 16, 2008
~$334,250 As of July 9, 2008
~$317,800 As of June 12, 2008
~$418,333 As of May 1, 2008
~$286,833 As of April 8, 2008
~$180,000 As of March 8, 2008
~$344,250 As of February 7, 2008
~$349,000 As of January 8, 2008
~$262,442 As of December 9, 2007
~$243,125 As of November 7, 2007
~$645,500 As of October 4, 2007
~$331,000 As of Sept.1, 2007
~$349,073 AS OF AUG. 4, 2007
~$356,473 AS OF JUNE 24, 2007
Average Asking Price $410,399
Lowest SALE Price $435,000
Highest SALE Price $435,000
MY LAST MARKET UPDATE WAS August 16th AND THE AVERAGE SALE PRICE WAS $0 I mean zero ...zilch ....nada.
August one upped July.
The number of home on the market is remaining relatively steady, but thankfully going down slightly. Right now there is almost 6 months worth of inventory on the market, which is still saying it is a Buyer's Market, but not as strongly as before. If we stay steady at 6 months or slightly under we have finally arrived at a neutral market. What that means is, if no more homes came on the market and all the current homes stayed on the market until they sold it would take 6 months for all the homes to be sold, assuming that they are all priced correctly. It is a widely accepted rule that if we have less than 6 months but more than 3 months worth of inventory we are in a neutral market. A neutral market means that home prices are in line with affordability and are being absorbed at a moderate pace.
For the past 2 months we have not seen a sharp increase in the absorption rate which is very good news, but with the passing of the Massachusetts law mandating banks to give 90 additional days for a homeowner to refinance or cure default before closing we have had a short period without foreclosures coming on the market. Please keep in mind this is ony temporary, when Sept. 1st comes around we will start to see an increase in the number of homes on the market. The cost of fuel and other economic problems have also negatively impacted the housing market.
How does this effect you?
Better your odds for a more timely sale by pricing your home ahead of the curve! Pricing it AT the curve in a declining market will put you in line to sell on the 6th month at a lower price than what you would have received had it been priced competitively in the beginning. Remember: Time is NOT on your side in a declining market.
Price it ahead of the curve and you will open your home up to the largest pool of potential buyers which will sharply lessen your market time AND increase your bottom line! I would rather see any seller get multiple offers to choose from than no offers at all.
Call me for a competent, accurate analysis of your home.
Visit http://www.berkleymass.com/ for all your Bristol County Real Estate Needs!
Bobbie Files
REALTOR
Keller Williams Realty
508-238-5000 x.296 Office
508-789-0217 Direct
bobbiefiles@kw.com Email
