Greenfield Real Estate Market Report – January, 2011

By
Real Estate Agent with msWoods Real Estate, LLC

Greenfield’s numbers weren’t terribly surprising considering that January brought with it some unusually challenging weather conditions—not exactly a strong motivation for buyers to get out of the house and start home shopping. Indeed, the effects of winter could really be seen in the most recent sales figures, as there were 50 fewer homes sold in January compared to the previous month. January’s total of 15 total was also 25 percent below where they were this same time last year. Also, from November of 2010 through January of 2011 an average of 25 closings took place per month, or 18.7 percent fewer, compared to this same quarter 1 year ago. Would spring just hurry up and get here already? At least there was a modest, 5-percent improvement in the category of pending sales. But January’s total of 21 nevertheless represented a 36.4-percent decrease compared to last this same time last year, when there were 33 pending transactions making their way through the sales pipeline. From November, 2010 through January, 2011 there were an average of 23 pending sales per month versus this same quarter 1 year ago, or 22.2 percent fewer. But while fewer homes were selling, even more homes were being added to the available inventories. There were 326 Greenfield homes for sale in January, or 3.5 percent more, compared to the previous month’s total of 315. Compared to January of 2010 there was an even greater 12.8 percent more homes for sale on the Greenfield real estate market. Of January’s 326 homes for sale 81 of these were in the form of brand new listings. This was up significantly from the previous month’s total of 38 new listings. And if that weren’t enough, from November of 2010 through January of 2011 there 7.5 percent more homes listed for sale relative to this same quarter 1 year ago.

Some other noteworthy stats to consider:

  • Greenfield homes spent an average of 72 days on the market, down 16 percent from the previous month’s average of 86 days. This is down ever-so-slightly from last January’s average of 73 days on market. However, this is a significant, 20-percent improvement over the 12-month average time on market of 90 days. On average, over the past 15 months homes in Greenfield have spent no fewer than 61, and no more than 127, days on market.
  • The average ‘sold’ price fell 21 percent from the previous month’s figure of $149,000. January’s average ‘sold’ price of $117,000 was nearly 5 percent below where it was 1 year ago and 5.6 percent below the 12-month average ‘sold’ price of $124,000.
  • The average active price also fell, albeit only a slight 1.2 percent, from $166,000 the previous month to $164,000 in January. This, however, is nearly 10 percent below last January’s average of $182,000 and 5.2 percent below the 12-month average active price of $173,000.
  • Buyers benefited slightly by a 4.2 percent improvement in the average price per square foot, as homes in Greenfield went for an average of $68 per square foot compared to $71 the previous month. The 12-month average price per square foot in Greenfield is $65.
  • There was a whopping 21.7 months of inventory based on closed sales in January compared to just 10.5 months in December. The 12-month average in this statistical category is 11 months.
  • There were 15.5 months of inventory based on pending sales. Compared to the previous month’s total of 15.8 this is only a slight improvement.
  • The absorption rate based on closed sales was 4.6 percent while the absorption rate based on pending sales was 6.4 percent.
  • The median home price in January was $105,000. This is down from the previous month’s median price of $127,000.

To view other real estate reports, including up-to-date charts and date please visit this Greenfield real estate market reports page.

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