Monday, January 10, 2011

2010 Year in Review

The Year in Review is here. Here is the first installment of the numbers for 2010. There were 818 closings in 2010. This includes condos, 1-4 families and commercial sales. This first installment of the year in review includes condos only.

I like to look at price per square foot by contract date. The price per square foot by contract date is a more accurate depiction of pricing because it's the contract date where the buyer and the seller have come together and agreed on a price of a specific property. It takes 4 to 8 weeks to close depending on whether it's a cash deal and how unique the property is. That is, a 1-4 family, generally, takes more due diligence than a condo.

There are a variety of reasons why a closing may take longer than this. One typical reason why the time from contract to closing takes longer than this 6-8 week period is because the unit goes under contract in pre-construction. A property sold in pre-construction can remain under contract for 6-8 months or even more. Because the decision point to buy and the agreed upon price were made so far in advance of the closing, the price is not necessarily a reflection of pricing at that time of the closing.  I excluded transactions that closed in 2010 that had a contract date prior to Q4 2009. There were 52 transactions that were cut from this analysis for this reason.

Here are the raw stats.  Commentary and graphs to follow.  Click on any of the images for a larger view.

Information Provided by Donna Antonucci
Prudential Castle Point Realty

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