Yesterday, I posted the graphic of what sold in Cheverly last month. I didn’t really go into detail on the chart, but it is worth mentioning what those other numbers represent. I’ve also added one other element today – I’ve highlighted the short sales and foreclosures. If it isn’t yellow or red, it’s a regular (or non-distress) sale.
So, the good news in that there was only one short sale, though you can see that it started off much higher in price than it actually sold for and it took it 209 days to finally get a contract that went to settlement. Unfortunately, this is not unusual for short sales.
You can see, for the most part, that the properties that sold fairly close to their original asking price also sold the fastest. This is why we agents say that “testing the market” with a higher price than it’s likely to sell for doesn’t usually work.
Tomorrow, I’ll look at what’s currently on the market.
Numbers aren’t much use in a vacuum – I’m working on some charts to show where we are compared to previous months and years. For more numbers, go to Market Update.