It’s hard to believe its November! But with 10 of 12 months past now in 2012 I can tell you that the Ellington Real Estate market is alive and well!
How?
First, one of the important market indicators is Inventory. As compared to 2010 and 2011, Inventory is at its lowest point at 85. In fact, that is the lowest point in the past 24 months - it's never been below 100!
Find out what's happening in Ellington-Somerswith free, real-time updates from Patch.
Second, the average day on the market (DOM) is 96 - not great. DOM helps in telling us a couple things - buyer activity, pricing of properties and desire for a town. October 2010 was 54, in 2011 79.
Of note on DOM - we know that buyer demand is high as Ellington remains a very desirable place to live. Unfortunately, some sellers price their homes according to what they "want" or "need", and not at what it's worth in the current market as determined by recent solds and appraisals. As a result, these properties do not sell and stay on the market double and sometimes triple the average and become “stale” or have very little to no activity.
Find out what's happening in Ellington-Somerswith free, real-time updates from Patch.
Lastly, It appears as though prices may be stabilizing. The average sales price year to date is down about 6-7%. You may think that is a bad thing however as compared to 2010 and 2011, there were some double digit decreasing months!
All in all with low inventory, historically low interest rates and a desirable town to live in it is currently a perfect time for both buyers and sellers. In fact, we find that this time of year (November thru February) that the most serious buyers and sellers are actively in the market!
For more detailed information about the current market, please see the attached three page Market Action Report.
Rocco Sanzo, GRI, Managing Broker
