Rosemont Real Estate Market Update: October 2008
Rosemont has entered some stability between last month’s and this month’s numbers for real estate sales and prices, but with 46 bank-owned homes still on the market (that’s only a one-month inventory, by the way) and 112 active short sales, that serene surface could change. The short sales are the real concern right now because they make up 22 or 14.3 months of inventory depending on how you look at them.
Sold price per square foot has dropped 32% over last October from $194.53 to $132.39, but not much from last month’s $134.76. The average sales price has fallen 33.8% from last October’s high of $287,494 to $190,234 this last month. Median price has also fallen 36.6% year over year from $288,250 to $182,666.50.
Obviously, foreclosure sales have a lot to do with the price declines. 12 times the number of foreclosures sold last October sold this October. I know, I know - but the sentence is meant to sound confounding. If you want confounding stats, here are the numbers: foreclosures are up by 1150% and short sales up by 1200%. That would be 50 foreclosures (69.4% of all sales), 13 short sales (18.1% of all sales) and 9 non-distressed homes (12.5% of total sales) selling in October 2008.
Unit volume is up by 125% - more than double the number of homes sold year over year. Inventory in Rosemont is at 4.3 months (based on the last year) and 3.1 months (based on the last 6 months.)
