Weston Real Estate Market Trends – June 30th 2009
July 1st, 2009 categories: General RE Info, Market Update
Months of Inventory Based on Closed Sales is for me one of the best ways to get a snapshot of the Real Estate Market.
As of June 30th:
Single Family Homes:
- Active Listings: 439 Homes
- Closed Sales During June,2009: 74 Homes
- Months of Inventory Based on Closed Sales: 5.93 months (Seller’s Market)
Condos and Townhouses:
- Active Listings: 289 Units
- Closed Sales During June,2009: 20 Units
- Months of Inventory Based on Closed Sales: 14.45 months (Buyer’s Market)
If we look closely at this data there is something that doesn’t make much sense. How can we have such a huge gap? Looking in detail where the numbers come from I concluded that the SFH data was accurate but the data for Condos and Townhouses is distorted.
Why the Data for Condos/TH was distorted? Be Aware of Raw Statistics!
Of the 289 Active Units I found the following:
- 10 are for Villas de Tuscany, a community not located in Weston or the Sunrise Area under the Weston ML Area.
- 3 are from areas outside of Weston listed by mistake??? under our Area.
- 8 are for the Hyatt condo-hotel units which might never sell.
- 1 is for Vacation Villas (the Resort/Time Sharing)
- 56 are for The Palace and since it is an unique product (a 55+ Community) it is skewing the numbers; only 1 closed in June. Some may argue my decision to take out the Palace but in every city the 55+ communities represent a disproportionate number of active listings and in my opinion they do not reflect the market trends.
How Condos and Townhouses are really doing, after cleaning up the Data?
- Active Listings: 210 Units
- Closed Sales During June,2009: 19 Units
- Months of Inventory Based on Closed Sales: 11 months (Buyer’s Market, but more close to be a balanced market)
In conclusion if you are listing a Condo or Town House it must be marketed wisely!
