Rockport Residential Sales Report for 2007
| Year |
2007
|
2006
|
| Total New Listings |
2,741
|
2,200
|
| Median Sold Price |
$111,500
|
$99,000
|
| Average Sold Price |
$166,546
|
$159,569
|
| Average Days on Market |
173
|
141
|
| Total Sold Dollar Volume Residential |
$117,384,359
|
$134,356,023
|
| Total Sold Dollar Volume Other |
$34,006,378
|
$38,137,662
|
| Total Home Sales Sold Dollar Volume |
$151,390,737
|
$172,493,685
|
| Market Comparison Report |
| Dates: |
01/01/2007 to 12/31/2007 |
| |
01/01/2006 to 12/31/2006 |
| Property Types: |
ALL |
| Areas: |
ALL |
| Residential |
663 |
135,211,023.00 |
569 |
117,699,359.00 |
-94 |
-17,511,664.00 |
-14.18 |
-12.95 |
| Multi-Family |
7 |
1,265,995.00 |
6 |
1,392,540.00 |
-1 |
126,545.00 |
-14.29 |
10.00 |
| Land |
369 |
25,066,517.00 |
311 |
22,190,038.00 |
-58 |
-2,876,479.00 |
-15.72 |
-11.48 |
| Commercial |
42 |
10,950,150.00 |
24 |
10,108,800.00 |
-18 |
-841,350.00 |
-42.86 |
-7.68 |
| Totals: |
1081 |
172,493,685.00 |
910 |
151,390,737.00 |
-171 |
-21,102,948.00 |
-15.82 |
-12.23 |
* Short Term: Buyer's Market
* Long Term: Balanced Market from population growth and large local retirement population
* Recommendation: Buy and look for motivated sellers
A Balanced Market
In the ideal local real estate market, there should be a balance between demand for homes and the supply of homes available for sale. Although there is no exact benchmark to measure balance, there are ways of knowing if a local real estate market is close to being a balanced one.
A Buyer’s Market
When demand for new and existing homes is weak and there is a glut of properties available on the market, the uipper hand in negotiations switches to buyers.
Buyers now have a much wider choice of properties from which to choose and are often able to negotiate a price that is lower than the listed price.
Sellers do all they can to sell their homes—even offering to pay some of the upfront costs of the buyers, reducing the listing price, and offering other incentives to attract buyers.
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