The Rossmoyne is enjoying a robust 2010. Total sales for single family homes are up 24% over this time last year with 46 sales already closed.
Distressed sales are a significant factor here, as everywhere. 28% are either REO (bank owned) or short sale, but this is slightly lower than the city as a whole. Short sales happened in all price points, including one short for $1.6 million , but REOs were pretty much in the lower third of the price categories.
Homes are selling at a good clip, with average days on market at 44 days. Overall homes are selling for 98% of thier asking price. This reflects a growing strategy of pricing a home aggressively and getting offers quickly. The smaller homes in Rossmoyne generally sold for MORE than asking, on average.
Now, here’s the really good news. While inventory is certainly rising, so are the pace of sales. July was a banner month for sales and the months of inventory on hand dropped like a stone. August was quiet everywhere, so it is too soon to tell what the forth quarter will bring for eager sellers in the Rossmoyne. If I had to guess, though, I think you should sell, sell, sell!