Last night, I spent some time looking at Bridgewater market data for the month of September: There were 62 new listings, 47 listings were price adjusted and there were 29 contract sales. There are currently 193 active listings (single family homes), there were 21 contract sales in the last 30 days and there are 10 properties with offers/contracts in attorney review. That’s an absorption rate of 9 months (6.2 if we adjust for the attorney review properties and assume they were negotiated in the last 30 days).
I also narrowed it by price range – looking at listings and sales between $400,000 and $500,000. There are 48 active listings and there were six sales in the last 30 days. That’s an absorption rate of only 6 months. 19 of the listings in this price range are priced between $425,000 and $450,000 with six listings exactly at $499,000 and four exactly at $450,000. Average days on market for these properties is about four months – they aren’t selling either….
I did this because I have a listing that is currently priced at $459,000 and I am trying to determine what to do next. We have great open house traffic but we are not getting agent showings. With absorption rates as low as six months; we should be getting more activity and I’m very disappointed in the lack of agent showings. It’s only been two weeks since we adjusted the price – but we only have about six weeks left in the fall market
What would you do?
