Could the seven-year itch be back?

By Elizabeth Hanson Partner/Agent The Callan Team

Welcome to 2008! Sellers, will it be back to the future? Or will we lose a few buyers because they are living in the past - where it is always cheaper? One fact we know, there will be lots of changes to look forward to but before we do that, it's time to wrap up the numbers for 2007 to see where we stand.

Nationally, the numbers are terrible. But locally, there is a diff erent story. And it looks as if history may be repeating itself! For the better! If all real estate is "local," let's zoom in on one local town - Shrewsbury; thanks to MLSPIN, I've been able to gather the statistics for single-family (SF) homes:

SOLD STATS	2000	2007
TOTAL SOLD	444	333 (fewer sold, pickier buyers)
Avg. Sale Price	$293,010	$457,329 (sale prices up 56%)
Avg. Days on Market	66	136 (takes more than twice as long to sell)
Total SF volume	$130,975,248	$152,375,021 (volume up 16%)

Also interesting to note, the following differences in Shrewsbury's single families that sold in 2007 compared to 2000:

	2000	2007
MOST Expensive	$944,890 LOT 81 Coachman Ridge	$1,375,000 12 Coachman Ridge
LEAST Expensive	$59,900 34 Brooklawn Parkway	$154,000 16 Forest Ave.

It's been said by wise men that the future is purchased by the present. So let's "buy into" the numbers as of the last day of December 2007 and compare them to the last seven years:

# SF on Market as of 12/31		Avg. list price
2001	87	$432,035	2005	119	$574,801
2002	95	$446,067	2006	179	$494,921
2003	94	$504,748	2007	143	$495,398
2004	62	$553,496

Looks like there is less inventory on the market going into 2008, but the average list price is higher! Many of us in the business (as well as the poor sellers) lamented the fact that homes were taking so much longer to sell. In reviewing the single-family housing market of 2007, I find it extremely interesting to note the following:

The home that lingered longest on the market was 78 Prospect Street (sold for $800,000), which remained unsold for 785 days! Right on the same street, 202 Prospect Street sold for $269,900 in just one day! And in this "bad real estate market," five homes sold for more than $1,000,000; 17 sold between $800,000 and 999,999, and 46 sold between $600,000 and 799,999!

The largest home, 12 Coachman Ridge, with 7,385 square feet sold for $1,375,000 in 31 days! A mere $186 per square foot! And the smallest home, 20 Bayview Drive, with 572 square feet, sold for $167,500, over $292 per square foot. In the "over 55" market, 14 homes sold for an average $506,008 per unit - not bad for downsizing, hmm? The home with the largest lot (2.15 acres), 92 School Street, sold for $850,000 in one day shy of a year. The home with the smallest lot (.13 acres), 5 Hartford Turnpike, sold for $160,000 in just over three months.

Where's the rhyme and reason? I keep searching for a pattern here, but I have discovered (the hard way) that I can never plan the future by the past! The future truly comes one day at a time. And since I'll be spending the rest of my life there, I plan on doing it with a smile! Remember, only when it is dark enough do you see the stars!
MY WISH TO ALL FOR 2008
To jolly good folk,
a nicely turned joke,
a handful of trumps
when at play;
a drop of old wine,
champagne that's fine,
and a run of good luck
from today!
Go Real Estate!
For your town's numbers, call
508-864-1012 or www.Personalhomesearch.
com.
Elizabeth Hanson
The Callan Team
Keller Williams Realty
Partner/Agent
276 Turnpike Road
Westborough, Ma. 01581
508-871-7141 x 141 office
508-864-1012 cell
508-842-2915 home
www.Mass-Homes.net