Fun Hampden Real Estate Market Facts!

Here are some facts that might interest you about the current market in Hampden:

Total number of active residential properties available: 109
Average list price of active properties: $243,617

Average sold price of sold properties: $240,696
Average sale-to-list price percentage: 97.4%
Average days on market for sold properties: 88
Number of sold properties year to date: 82

Number of listings that have expired without selling year to date: 14

If no new properties were listed from today on, it would take at least 8 months to sell off the current available inventory.

Current prime interest rate: 6.15% for a 30 year fixed conventional loan


Now to compare to last year:
In 2007, the average sold price was $233,814. This year it's $240,696. So property values in the Hampden section of 21211 have actually appreciated 2.9% since 2007.

However, there are other market factors that affect getting that higher price. Since there is such a large inventory of property available, buyers are inclined to offer less, and sellers are inclined to take those offers when they haven't had any other serious interest. Additionally, the growing number of foreclosures and short sales will continue to bring prices slightly downward and affect the value of nearby comparable properties. An unfortunate sign of economic times for some people.

There are no hard and fast rules that you can live by here - but you can realistically expect to sell for near 97% of list price in this market. Please bear in mind that that percentage will quickly go down if you choose to overprice your property - overpricing leads to unnecessarily long days on market and lowball offers. It is better to take your real estate agent's advice - price your property realistically from the get-go - and be under contract within 90 days!

I welcome your emails or phone calls with any questions or suggestions!

Tina


All statistics are as of 7/10/08