As a follow-up to the previous post, I've looked at some interesting statistics and trends in the market in Cheverly. I looked at the properties listed in 2006, 2007 and through July this year to see what happened to those listings -- did they sell, are they still for sale, or did they finally get taken off the market. What might these numbers tell us about this year?
Sales Trends in Cheverly
| Year |
Total Listings |
Still for sale |
Sold / Under Contract |
Expired / Withdrawn |
| 2006 |
111 (9.3 / mo) |
0 |
82 (6.8 / mo) |
29 (2.4 / mo) |
| 2007 |
116 (9.7 / mo) |
1 |
57 (4.8 / mo) |
58 (4.8 / mo) |
| 2008 (thru July) |
66 (9.4 / mo) |
36 |
16 (2.3 / mo) |
23 (3.3 / mo) |
Multiply the average number of sold properties for this year out and it looks like we'll end up with selling somewhere around 27 properties this year. I sure hope that number will be different, but so far it isn't looking like it.
Average Number of Days on Market
| Year |
Days on Market |
| 2006 |
71 days |
| 2007 |
117 days |
| 2008 (thru July) |
110 days |
The fall market (September, October and maybe a little bit of November) traditionally picks up after the summer market, so we'll keep our fingers crossed that we'll have a traditional Fall market for a change. However, the last time we had a true Fall market was in 2004. Sales in September and October in 2005, 2006 and 2007 remained pretty steady from summer through the end of the year, with little to no surge in contracts written.
With the economic climate being what it is, the uncertainty caused by the upcoming election, and the continuing foreclosure crisis, it doesn't look like 2008 will be a very good real estate year.
(C) Susan Pruden. | 
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