‘Twas the week before Christmas and the Topsham Real Estate Market ran steady in November . . . as it has for most of 2014.
November ended with 54 Current listings, down from 62 at the end of October. Pending Sales at the end of November numbered 12, which is down 1 from the prior month. November saw 13 Closed Sales (same as October), and these numbers bode well for maintaining the steady pace that was set for home sales in 2014.
Average time on market increased slightly to 92 days, and Median Sales Price took a bit of a dip in November, with the Sales Price to List Price Ratio holding almost even at 95%.
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 Topsham’s Closed Sales from January 1 thru November 30, 2014, the average price per square foot was $110.60. For this same time period in Bath, the average price per square foot was $90.76, and in Brunswick it was $122.20.
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!