Kenmore Statistics: End-of-Month, June 2008
June brought a real estate market that looked and felt a lot like the weather: cool, dark and threatening most of the month but, in the end, the Sun finally shone and it warmed up a bit. Let’s take a look at some of the critical numbers:
Kenmore continues to offer a huge inventory of homes.
There are a good number of homes between $400K and $700K. You’ll note that homes in this price point are lingering on the market for well over 100 days. In fact, those homes that sold in June averaged 140 days-on-market. There is some good news reflected in the next chart which shows the number of “pending sales.”
It’s nice to see 53 pending sales in June. As I’ve mentioned in earlier posts, there is an important relationship between active listings and pending sales known as the absorption rate. This ratio represents how many of the homes have been absorbed in a particular time period. June’s absorption rate was 20% which is the highest number in many months. This is good news! Now let’s look at the closed sales in June:
Closed sales were not too exciting. What surprised me was that a huge number of the sold homes closed for over $500,000! There are obviously buyers out there who have the financial power to buy some fairly expensive homes.
There are a couple of interesting things in the report above: 1) almost 30% of the closed sales are new construction, 2) it is taking a long time to sell houses unless you’re under $500,000, and the most important thing 3) the sale price/sold price ratio is 93% which means that if you’re in the market to buy a home, you are in a good position to negotiate a good price.
