Chatham Real Estate - February Market Update

I thought it might be worthwhile to look at what has been selling in Chatham. To do this, I used our Multiple Listing Service and looked at what properties have gone either Pending with Contingencies or Pending during January and February of 2008. I found 20 such properties, 11 of which also closed during those two months. I did not include properties that sold during those two months which had gone to Pending during 2007 (these properties will be included in the 1st quarter Sold statistics), because I really wanted to look at buying activity. Its also possible that some of the 9 remaining properties that have not closed will not go to closing and will go back on the market.

The two things I decided to look at are:

What price ranges for properties have been selling? How long have these properties been on the market?

While my general impression had been that most of the activity had been in the higher priced properties, the data actually shows that properties have gone under agreement across all of the price ranges, with more activity under $1,200,000. Single Family Homes

$100,000 to $300,000 1

$300,000 to $500,000 6

$500,000 to $800,000 4

$800,000 to $1,200,000 5

$1,200,000 to $2,000,000 1

$2,000,000 to $2,999,999 1

$3,000,000 and up 2

As I have said to many of you, days on the market for a property is not a very meaningful statistic in this market. As a seller who wants to sell in this market, it is important to keep the property on the market for the right buyer and to have the property priced right with any added incentives. As a buyer in this market, it is important not to discount properties that have been on the market a long time - it just means that the right buyer has not come along.

Days on the Market

0 to 30 days 1

31 to 90 days 4

91 to 180 days 4

181 to 270 days 5

271 to 365 days 2

366 to 730 days 3

731 to 833 days 1

I hope this information is helpful to you and I would welcome any comments that you might have.