Mahopac Real Estate Market update - 1st QTR 2010

For the 1st quarter of 2010 there were 28 sales in Mahopac. The median selling price of these homes was $325,000 with an average time on the market of 206 days. The current absorption rate is 9.67 months. The absorption rate is the number of weeks it takes to sell the current inventory at the present rate of sales and if no other listings came on the market.

Compare this data to the 1st quarter of 2009, the median selling price was $417,000 with an average days on the market of 208. This represents a 22% drop in median home selling price from 12 months ago this time. The median price in all of Putnam County was $295,000 compared to the 1^st quarter of 2009 which was $334,750

If we compare 1st quarter 2010 median sales price to all of 2009's median sales price which was $380,000, we will see that current the 1st quarter sales prices are down 15.5% from the median sales price for all of 2009.

That is a lot better than a 22% drop but it is not something to jump up and down about, well unless you are a buyer in this current market. Remember there are 2 sides to every sale, the buyer and the seller. Most sellers will feel the current market is a bummer in regards to home values but if you ask buyers they will tell you this is great and what could possibly be better than this? Consequently if you are a current seller who purchased their home prior to 2003 then you too should be happy because you will have made a decent profit because the market hit its peak at about 2006, 3 years after you bought your home for a nice low price.

The avg sq. footage of the current sold homes was 2,023 sq. feet, the average price per square foot was $174.86/sq. feet. If we do some math that equates to an average house price $353,741 which in my opinion is a very popular price right now. That price is not too far from the median sales price of $325,000 and that price range is an extremely popular price for 1st time home buyers who are trying to buy a home now to take advantage of the $8,000 tax credit that expires very soon. This could explain why the $325,000 price range is moving more than anything else right now.

To put this all in perspective, the median sales price in Mahopac in the 1^st quarter for the year 2006 was $470,000 compared to the 1^st quarter of 2010 and a median sales price of $325,000, that is a drop in home values of about 31%. The median sales price 10 years ago in 2000 was $240,000. So if you bought your home in 2000 and even figuring in the 31% drop in the market from its peak in 2006 you will still realize a 35% profit on the sale of your home! Not bad.

I am expecting to see a little bit better numbers after the 2^nd quarter but overall the values are still down, how much lower will they go is all speculation at this point. What I and many others do know is that the values will not be going up for a VERY long time.

If you would like to know the value of YOUR home and would like a Free Home Evaluation please visit www.MahopacHomeValues.com . I would be happy to help.