Saturday, November 21, 2009

Florence Sales Move Downward

We currently have 407 residential properties on the market at an average asking price of $260,000 with average days on Market of 348.

In the 30 days preceding this post, we have had 20 sales at an average closed sale price of $162,000. Of the properties that actual sold, the last known asking price was within $10,000 of the sold price.

None of the above comes as any surprise to me for three principal reasons.

First, the Florence market typically slows down in the winter months which may have some bearing on the 10 sales less than the last post.

Second, in a small market, one oceanfront sale can greatly skew numbers.

Third, the disparity between sales price and average sales price in Florence, is close to $100,000 at this check point. Industry accepted standards support listing a property within 10% of the actual sales price, not 20-40% we are now seeing. A wildy high asking price, will grossly increase days on the market and decrease the number of sales. Further it will tarnish the entire Florence Market as being over-priced.

I hope that Florence, Owner/Principal Brokers get serious about their professions and invite some of their broker-practioners to adopt a professional attitude about taking lisitngs or take a permanent vacation!


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