July 2010 Real Estate Market Update - Residential
The average list vs. ORIGINAL sales price was 82.50%, down from last month (88.88%).
The ADJUSTED list vs sale price is 89.53% – also down from last month (93.22%).
The current number of active/for sale residential listings (minus timeshares) is 791 as of today, up from last month. We are still gaining more inventory than we are selling and this will continue to drive down prices from a supply and demand standpoint. With current state of affairs, this is a number that is unlikely to come down anytime soon. That’s a 30 month supply of homes available, which is a very challenging stat to overcome. Looking beyond those numbers will lead you to the understanding that we are at least a 50% or so vacation home market and our sales are seasonal, unlike Florida or Arizona where the weather is nice almost all year long. But still, 30 month supply is a lot.
Average Sale Price: $321,685 (last month $448,350) – the $3.5 million dollar sale tweaked this last month
Average Days on Market: 150/302 (last month 177/241) (days on market with current broker/total days on market)

Posted on 08/06/2010 in homes sales, market update, real estate sales