With Christmas just a week away, all is calm and all is bright, in the Bath Real Estate Market!
November ended with just 78 Current listings, down from 85 at the end of October. Pending Sales and Closed Sales figures for November are each just one less than the corresponding numbers posted for October. November saw 9 Closed Sales and ended the month with 18 Pending Sales, setting things up for a good finish to 2014 for sales volume in Bath.
Average time on market increased over the prior month, but Median Price went up, too, and Sales Price to List Price ratio continued strong at 98% in November.
Buyers often talk about “Price Per Square Foot” when they are comparing homes for sale, so we thought we’d take a look at that statistic this month. Price per sf is a simple calculation: Divide the sales price by the total finished square footage of the home – – Example: An 1,800 sf home that sold for $225,000 would be $125 per square foot.
When comparing different homes, there are always additional factors to consider. Look at differences in location, condition, age, quality, features, lot size, garage space, etc., that will be different from one property to another. Also consider if some of that finished space is below grade, which is typically valued at a lower dollar amount per square foot. If a home has excellent location and superior quality construction, amenities and finishes, hoping to purchase it for the average price per square foot would not be reasonable. Like all real estate statistics, this one doesn’t create a rule but merely gives a guideline.
In that vein, if you look at Bath’s Closed Sales from January 1 thru November 30, 2014, the average price per square foot was $90.76. For this same time period in Brunswick, the average price per square foot was $122.20, and in Topsham it was $110.60. Hmmm.
We wish everyone a Joyous Holiday Season, and we’ll see you in the New Year with the 2014 Market Wrap-Up Reports!
Contact us today if you have questions, or want to start the Home Buying or Home Selling process!