As many of you know by now, I love numbers. When you strip all the emotion away, numbers don’t lie. I pulled the most recent numbers for homes that are for sale or sold in the last 6 months in Maple Leaf and here are the highlights, with my completely subjective thoughts:
- Currently there are 30 single family homes for sale in Maple Leaf
- 48 Homes have sold in the past 6 months
If you look at these two numbers together, you can assume a few things. First of all, if 48 homes have sold in the past 6 months, it suggests a pace of 8 homes sold per month. With 30 currently on the market that is slightly less then 4 months of inventory or a relatively balanced market. Such a pace suggests that there are a fair number of buyers to sellers in the current market. No one had a huge advantage.
- The average price of a home sold in Maple Leaf is: $399,500
- The average price of a home currently for sale is: $417,927
Interesting numbers here. The average home sold over the past six months is $18,000 cheaper then the average home currently for sale. This would suggest, not surprisingly that buyers are looking for bargains and the cheaper the homes the quicker they sell. It has always been generally true that the more expensive the house the longer it will take to sell. This is simply a process of the lower the price the more people willing to consider it. Simple economics. In this economy this relationship is even more pronounced. To drive this point home even further, here are two more numbers:
- The average price of listings that have expired over the past 6 months: $468,763
- The average price of listings that have been cancelled over the past 6 months: $455,133
Bottom line, price it low and watch it go. Some sellers refuse to admit that prices have come down quite as far as they have. Those that can accept a fair price for their home, there are still plenty of good buyers out there for you. Those that insist on a higher price are waiting a long time or not seeing offers at all.
To further illustrate that point:
- Average Days on Market for homes sold in the past 6 months: 56
- Average Days on Market for homes currently for sale in Maple Leaf: 60
- Average Days on Market for homes that have expired in the past 6 months: 163
- Average Days on Market for homes that have been cancelled in the past 6 months: 114
Basically, if you don’t see an offer early, you had better make a price adjustment or choose to take it off the market. It doesn’t do you any good to pretend that offers are going to come in later if the activity in the first few weeks suggests you are overpriced.
Curious what your home is worth? Give me a call. I can provide you with a price opinion, recommendations for fix up and clean up, neighborhood statistical data, and a customized marketing plan specifically for you home.
You know where to find me.
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Rob Graham
Windermere Real Estate
Maple Leaf Expert
206-321-6349
robgrahamrealestate.com
