Carmel Real Estate Report – March 2007
| At a Glance: | ||
|
2007
|
2006
|
% Change
|
| Active: $416,418 | Active: $368,201 | 13 |
| Pending: $313,806 | Pending: $347,922 | -9.8 |
| Sold : $324,584 | Sold : $314,774 | 3.11 |
| Days on Market: 97 | Days on Market: 73 | |
| Absorption Rate: 6.15 |
Listings:
In March 2006, 310 Carmel homes were added to the market compared to March 2007 when 268 new listings were added. The average list price in 2006 was $368,201 and in March 20007 the average Carmel home listed for $416,418. The average listing price in March 2007 was up $48,217 or 13% versus March 2006.
Pending:
In March of 2006, 189 houses went pending compared to March 2007 when 147 Carmel homes went pending. The average price of home that went pending in 2006 was $347,922 and in 2007 the average price was $313,806. Yes, you are reading correctly, the average list price of pending home in March 2007 was down 9.8% or $34,116 from one year ago.
Sold:
In March 2006 the average Carmel home sold for $314,774, in March 2007 the average house sold for $324,584. This is a change of 3.11% or $9,810. The average home in March 2006 took 73 days on the market to sell and sold for only 92.22% of the asking price. In 2007, the average house sold for 97.05% of the asking price and took and average of 97 days to sell.
Summary:
Other than the anomaly of the pending homes being almost 10% lower in 2007 the Carmel real estate market still appears to be strong and consistent. This really no cause for concern, although the pending homes in 2006 were higher, they were only getting 92% of the asking price of the homes. The real data that matters is the sold properties; asking price means nothing until you actually sell it. The sold homes in 2007 indicate a slow but consistent increase in value. The interesting thing will be to see what happens in the coming months with the currently listed homes that are at $416,418.
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Date: 2007-06-06 11:57:55Views: 331