2012 Ithaca REAL ESTATE Market – 1st Quarter Talking points
Posted: April 10, 2012 Filed under: Uncategorized Leave a comment »16% of the IBR yearly forecasted property to sell in 2012 has already occured. 165 Properties have closed with an average selling price of $180,542. The average price per sqaure foot is $105.13, and seller’s are getting about 94% of list price. Last year same time 140 properties had sold with an average of 189,466. More activity less price.
24% of the IBR yearly forecasted property to sell for 2012 is currently under contract. Without the sold data we are not yet able to determine the avarge 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 Below)
Should all of these go to closing than 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 a 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.
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 right are getting the activity. Help your seller’s get them on the market properly and quickly, and pay close attention to the price per square foot of the closest comparables.
The buyer’s are coming to us this year with more focus and preparation than in years past. I have been connecting with the local mortgage lender and they are saying that the prequals are up and that this year they have buyer’s coming to them before they even look for a home. THIS IS FANTASTIC, a market with natural confidence and natural focus. The weather has certianly helped too.
SUPPORTING DATA – Taken from the Ithaca Board of REALTORS data by Melissa Miller
| YTD RESIDENTIAL 2012 SOLD Statistics (165 listings) |
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| 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 | – |
| Days on Market | 22 | 795 | 197 | 162 | – |
| YTD UC and BC Residential (244 listings) |
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| 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 (140 listings) |
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| 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) (242 listings) |
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| 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 | – |
