While we haven't officially said goodbye to 2012 just yet, we are at the point that we can look back on the year and analyze some of the statistics with regard to the performance of real estate and what it means to our great town.
According to MLS, as of Dec. 17, there were a total of 355 single-family homes sold in Lexington since Jan. 1. That's just about one per day, and doesn't include the fact that there are currently more than 40 under agreement, waiting to close! Not bad considering that there were only 344 sold in the entire year of 2011, and 331 in 2010. We are increasing the amount of transactions every year and that is a good thing!
The homes sold in 2012 range from a three-bedroom one bath that was sold for the list price of $299,000 to a home sold for $3,000,000. Now those are the two extremes, but the averages tell more of the story.
The average list price of the homes on the market this year was $925,340 while the average sale price was $910,033. Sellers are getting very close to what they are asking, largely due to low levels of inventory. Buyers need to keep this in mind when making offers, especially in a multiple offer situation. If you are going up
against multiple offers, you are going to want to get as close to asking as possible and in some cases, be willing to go over the asking price to have a shot of getting the property.
The average days on market for single family homes in Lexington this year was 86 days, however, 47 homes, or about 13 percent of all the homes that sold this year, sold in just 10 days or less. That's a fascinating statistic and shows that when a home is priced correctly, it doesn't sit long. If you are thinking of listing your home, make sure to have a thorough discussion with your agent, because pricing a home incorrectly will cause it to sit on the market, which ultimately will cost you time and money.
These statistics certainly show that there are many positives in the real estate market, and that if you are in the market to buy or sell, now is a good time!