Brian Burke

Somers Real Estate Market Action Report
February, 2010

The data for the month of February 2010 as it relates to properties for sale in Somers is: 

• Property Sales
• Inventory
• Market Time
• Selling Price vs. Original Listing Price

Property Sales
The number of homes that sold in Somers CT in February 2010 was 2.  This was a decrease of 60% compared to 5 properties that sold the prior month.  This was also a decrease of 71.4% from 7 properties sold in February 2009. 

Inventory
The number of homes available for sale in Somers has remained pretty consistent over the last several years.  The total inventory of properties available as of February 2010 was 69 which is an increase of 19% from 58 in January, although up 16.9% from 59 properties for sale in Somers in February of 2009.

Market Time
The term average Days on Market or (DOM) shows how many days the average property is on the market before it sells.  The DOM for Somers was 281 for February 2010.  This is a 170.2% increase from 104 days the prior month.  More importantly, for you the consumer, this upward trend of DOM for properties for sale in Somers indicates a buyer's market. 

Selling Price vs. Original Listing Price
The selling price versus the original listing price reveals the average amount that sellers are willing to come down from their original list price.  The lower the ratio is below 100% indicates more of a buyer's market.  The current ratio for properties for sale in Somers is 86.6% indicating a buyer's market.

In this ever fluctuating real estate market, it's good to know what the current trends are when looking for your new property for sale in Somers.  Each month, I will give you all the information you need to understand this.  As always, if you need further answers or clarification please contact Brian Burke at (860) 798-3272 or send an email to burkecthomes@gmail.com.