Sales in Riverton

Posted at 12:42 PM, Jan. 23, 2006

In a previous post (How Fast Will My Home Sell?), we talked about Sales, The Real Estate Market and Absorption Rates. Now we will look at Riverton and take a closer look at the statistics with regard to price ranges. (All sold data including Average Days on Market (DOM); Units Listed (UL) applies to the full year of 2005. The number of active listings applies to Jan 23, 2006)

Price range $0 to $250,000: Sold (S), 18; Units Listed (UL), 26; Average Days on Market for sold properties (DOM), 39; Active Listings (AL), 3; Rate of Absorption or months supply of listings (RA), 2.00.

Price range $251,000 to $500,000: (S), 25; (UL), 51; (DOM), 74; (AL), 17; (RA), 8.16.

Price range above $500,000: (S), 8; (UL), 10; (DOM), 134; (AL), 2; (RA), 3.00.

As we indicated before if the homes sold are broken down into price ranges, the Rate of Absorption (months of supply) will change. In the case of homes in Riverton, it varies from a low of 2.00 to a high of 8.16.  Notice also the difference between the units listed and the sold. It is common for new listings to be sold before existing listings; therefore, some of the listings may never be sold. Keep in mind that the DOM figure is only the average for listings sold. In the price range above $500,000 the was one home that took over 360 days to sell but the average shows DOM as 134. Homes that are priced right or correctly will sell faster than those priced higher than market value will. Rate of Absorption is not an exact science, it is only an indicator of market trends, and requires the judgment of an experienced Real Estate Agent.

If you have any questions about the sale of your home, post an anonymous message here or stop by our website HouseJeanie.com for our email address and phone numbers.

Bart Erickson – The HouseJeanie Team.