16% of the yearly forecasted property to sell in 2012 has already occurred (Ithaca Board of REALTORS). 165 properties have closed with an average selling price of $180,542. The average price per square foot is $105.13, and seller’s are getting about 94% of list price. Last year at the same time, 140 properties had sold with an average of 189,466. This indicates that there is more activity and lower prices.
24% of the IBR (Ithaca Board of Realtors) yearly forecasted property to sell for 2012 is currently under contract. Without the sold data we are not yet able to determine the average sold price but to apply the 94% of list price from the current sold market, we could assume that it will be an average sold price of $198,404.86
The average sold price for Ithaca has hovered over/under $200,000 for the last 6 years. (See charts below)
Should these go to closing, then 40% of the 2012 market of closed sales have already landed in the 1st Quarter of the year and that is without any incentives, tax breaks, or time lined programs.
“I would make the prediction that 35% to 40% of the anticipated market activity will happen in the second quarter of 2012, and by mid July over 70% of the buyers will have landed their offers.” said Melissa Miller, broker/owner of RE/MAX In Motion.
There is a shortage of inventory in several pockets of our market. In those areas the seller’s are seeing multiple offers. Homes in great condition that are priced correctly are getting the activity.
The buyer’s are coming to us this year with more focus and preparation than in years past…. this is a market with natural confidence and natural focus; a perfect combination.
|
YTD RESIDENTIAL 2012 SOLD Statistics |
|||||
|
Low |
High |
Average |
Median |
Total |
|
|
List Price |
$21,500 |
$698,900 |
$191,948 |
$163,000 |
$31,671,449 |
|
Selling Price |
$12,000 |
$698,900 |
$180,542 |
$155,000 |
$29,789,392 |
|
Sold/List(%) |
36.43% |
130.00% |
93.34% |
94.15% |
— |
|
Price/SqFt ($) |
$13.74 |
$465.93 |
$105.13 |
$92.86 |
— |
|
Price/Acre ($) |
$0.00 |
$3,935,000.00 |
$160,845.04 |
$57,142.86 |
— |
|
22 |
795 |
197 |
162 |
— |
|
|
YTD UC and BC Residential |
|||||
|
Low |
High |
Average |
Median |
Total |
|
|
List Price |
$27,900 |
$825,000 |
$211,069 |
$170,950 |
$51,500,817 |
|
Price/SqFt ($) |
$25.76 |
$503.88 |
$118.46 |
$108.50 |
— |
|
Price/Acre ($) |
$0.00 |
$5,850,000.00 |
$278,593.89 |
$69,160.50 |
— |
|
Days on Market |
7 |
1113 |
139 |
75.5 |
— |
|
1/1/2011 to 4/10/2011 Sold Residential |
|||||
|
Low |
High |
Average |
Median |
Total |
|
|
List Price |
$14,000 |
$995,000 |
$199,342 |
$169,900 |
$27,907,923 |
|
Selling Price |
$14,000 |
$865,000 |
$189,466 |
$163,250 |
$26,525,210 |
|
Sold/List(%) |
58.74% |
109.19% |
94.00% |
95.30% |
— |
|
Price/SqFt ($) |
$14.58 |
$361.48 |
$102.24 |
$100.00 |
— |
|
Price/Acre ($) |
$0.00 |
$10,500,000.00 |
$220,601.52 |
$43,307.50 |
— |
|
Days on Market |
35 |
708 |
173 |
162 |
— |
|
4/11/2011 to 6/30/11 Residential Sold (2nd Quater) |
|||||
|
Low |
High |
Average |
Median |
Total |
|
|
List Price |
$39,500 |
$1,350,000 |
$226,118 |
$186,250 |
$54,720,435 |
|
Selling Price |
$27,125 |
$1,175,000 |
$215,152 |
$182,000 |
$52,066,808 |
|
Sold/List(%) |
51.16% |
106.33% |
94.88% |
96.01% |
— |
|
Price/SqFt ($) |
$22.31 |
$600.00 |
$118.44 |
$114.00 |
— |
|
Price/Acre ($) |
$0.00 |
$9,750,000.00 |
$261,314.04 |
$72,209.50 |
— |
|
Days on Market |
26 |
613 |
152 |
104 |
— |
