Bonny Slope Housing Report for May '10

Bonny Slope is a tough market right now in comparison to the others I’ve shown you…. 78 active listings with only 7 selling….= 9% sell-through. The worst so far in the line up. And it’s not getting better. The 75th % is at $560k with the median price right at $529k. 25th percentile is at $365k….so what does this tell us? Lots of homes are priced high and sitting there….. Most disturbing is the difference between January ’09’s average sales price of $693k to May of ’10’s average of $512k.B Several things can cause this kind of swing. A glut of short sales and bank owned homes are killing the average…or homes were over priced…by a lot last year and are now getting into alignment with what buyers are willing to pay.B What do you think? Last but not least…looks like buyers are negotiating hard…Seven transactions closed an average of -13% under the most recent list price.

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