Norfolk Market Update – March 2008

April 15, 2008

Here are the eight homes that sold in Norfolk during the month of March (2008):

31 Bridie Lane $522,500 3/12/2008

10 Marshall Street $381,000 3/28/2008

5 Barnstable Road $476,000 3/14/2008

49 Main Street $255,000 3/21/2008

14 Willow Place $665,000 3/28/2008

23 Fredrickson Road $679,000 3/19/2008

7 Riverpath Street $306,000 3/27/2008

13 Briarwood Road $420,000 3/28/2008

And here are the averages:

Average List Price: $480,413 (up 13.5% from March 2007)
Average Sale Price: $463,063 (up 13.8% from March 2007)
Average Days on Market (DOM): 204.64 (up 21.2% from March 2007)
Sale as % of List Price: 96.4% (down 0.4% from March 2007 – the same basically)

So what this tells us is, although the marketing time has increased about 21% since the same period last year (by roughly 40 days), the list prices and sales prices in Norfolk have increased roughly 14% since the same period last year. Buyers are still paying around 96-97% of the list price. That hasn’t really changed from year to year. So despite the gloom and doom we all hear on the news and read in the papers, the numbers indicate that March 2008 was a positive step up from March 2007 in Norfolk. Homes are still taking a little longer to sell, but they’re selling for more money.

If you have specific questions about the market, or individual properties, please call me directly on my cell at 617-828-4127. I’m available most times. Take care.


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