On February 28th I pullsed the market statistics for real estate in Martin Acres. Read below for the stats and my insight in what this means for Martin Acres buyers and sellers.
Median Price: Holding steady year to date at $370,000. That's exactly what it was year to date 2010.
Days to Sale: Down 10% (that's good). Properties are selling more quickly on average. The average time it takes from list to sale is 200 days instead of the 222 days it took year to date 2010. The good listings are still getting scooped up quickly and closing in 30 to 60 days but it's nice to see the overall average coming down.
Three homes went under contract in February. This was the same amount of listings that went under contract in January.
Six listings came on the market for the first time in February. This number is the one that set us back just a tad. There were only five new listings that came on the market in January. It would be fine to have more listings in February if we also had more sales. But that wasn't the case.
Absorption Rate: At the end of February there were 18 listings on the market. Divide that by the 3 listings that went under contract and we see that the absorption rate for February went up to 6 months worth of inventory. Six months is still a healthy market. We just want to keep our eye on this number to be sure it doesn't continue the trend up. High absorption rate = cold (Buyer's market)... Low absorption rate = hot (Seller's market). Five to six months is a nicely balanced market.
But hey, we're still doing better than Boulder as a whole which continues to hover around 10 months worth of inventory.