Health & Fitness
Maplewood Real Estate Home Prices 2011 vs. 2010
an analysis of average listing prices, sold prices and sizes of homes sold in 2011 vs 2010; a slight decline in housing prices in Maplewood in 2011
I'm always curious to see how the local Maplewood real estate market is doing and for that I like to draw upon my Economics background and my experience as an Exec Vice President in Wholesale where I would have my team provide me with sales tracking data.
As a realtor, I prefer to do this myself so that I am well versed when I meet with current clients or new potential clients.
So, here are the Year-to-Date Stats:
So far this year there have been 182 closed sales for the year. This compares to 194 sold thru the same time (9/15/2011 vs. 9/15/2010) period last year and a drop of 6.6%. The good news is that there are also 43 Homes currently Under Contract and another 3 in Attorney Review and another 142 Active on the market.
While we like to know our unit comparisons, let's face it, everyone's main focus is on the almighty dollar. So, here is how we stack up dollar-wise:
In 2010, the average final listing price was $511.2K and the average price sold was $500.4K, meaning that homes sold for just a fraction under 98% of final list price.
In 2011, the average final listing price fell 1.8% to $501.9K and the average price sold fell 2.4% to $488.3K translating into homes selling for a slightly weaker 97.3% of final list price. So, yes, there has been a little deterioration using these statistics.
However, as a practitioner of Advanced CMA and former Ecomomics major, I feel compelled to adjust these statistics a bit further in lieu of the fact that in 2011 the average home sold came in slightly larger at 8.6 rooms vs 8.4 rooms in 2010. This 2.1% increase in home size, coupled with the 2.4% drop in price sold, really means that the average price paid for homes sold in Maplewood in 2011 is trending down by 4.5%.
Still, relative to most of the area markets, we are comparatively healthy; but, if you are listing your home for sale, you need to be aware of this downward pressure as I would have no choice but to use these statistics in a conversation of potential current market value for home on the market. (ALL DATA TAKEN FROM GSMLS AND MAY ONLY BE AS ACCURATE AS REPRESENTED BY THEM).
If you have any questions, fell free to contact me, Mark Slade, Keller Williams Technology Coordinator, at marksladehomes@aol.com.
