With 7 shopping days until Christmas, the Brunswick Real Estate Market may not be taking a holiday break!
November ended with 111 Current listings, down from 112 at the end of October. Pending Sales at the end of November are unchanged from the prior month at 33, but only 14 Sales Closed (down from 30 in October), paving the way for a healthy number of closings to happen before year-end.
Average time on market remains fairly steady, but Median Sales Price took a bit of a dip in November, as did the Sales Price to List Price ratio which dipped from 98% in October to 95% 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 simply gives a guideline.
In that vein, if you look at Brunswick’s Closed Sales from January 1 thru November 30, 2014, the average price per square foot was $122.20. For this same time period in Bath, the average price per square foot was $90.76, and in Topsham it was $110.60.
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!