As 2011 draws to a close and we are ready to ring in 2012, home buyers and sellers are wondering how the real estate market this year compared to last year. Are we better off than this time last year as a whole? Were home sales up over last year? Were more first time home buyers able to make their dreams of home ownership come true? Lets take a look at the year in review.
A Comparison of Activity from November 2010 to November 2011:
Number of Sales – During November 2011, 409 sales were reported, up approximately 13.3% from November 2010 at 361.
Average Sales Price – The average sales price for November 2011 was recorded at $182,000, down approximately 9% compared to November 2010 when the average sale price for the month was recorded at $200,000. The average sales price is obtained by dividing the number of sales into the total sales dollars.
Median Sales Price – The median sales price for November 2011 was recorded at $160,000 which is down approximately 7.6% compared to November 2010 with a median of $173,000. The median indicates the mid-point of the range of prices-half the homes sell for less , while half the homes sell for more.
Average Market Time – The average time on the market for properties sold during November 2011 was 87 days, which is a decrease compared to November 2010 at 89 days.
List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold during the month of November 2011 is 94%, which is a decrease compared to November 2010 at 95%.
Overall 2011 faired better than 2010 as economic factors started to show a turnaround. If you have any questions about how these numbers will affect your entering the real estate market for the first time or diving in for the tenth time, please don’t hesitate to ask me!
Overall, the Lehigh Valley market faired well compared to other markets, allowing more people to make their dreams of home ownership come true in 2011 compared to 2010.
Contact Barb Bottitta for any and all of your Lehigh Valley area questions, as well as real estate needs, as I am always happy to help in any way that I can! You can also connect with me on my Facebook Page.
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Each member of the team is an expert in their area and contributes to the synergy. Our well tested systems will smooth the way from starting line to contract dotted line. Contact us for Real Estate services that exceed your expectations and help you achieve your home buying and selling goals.