The residential listings tell one story, but the actual performance of those properties really depicts the nature of the real estate market. The previous analysis of listings includes all properties that go on the market at some point in time (listed by professional real estate agents). The following map is the downside of those listings which shows the percentage of total listings that either expires or is withdrawn from the open market for one reason or another.
The eastern portion of town again shows relative consistency while the western portion has pockets of unsold listings, likely attributable to the higher property value and varying perception of value in older-high value properties. The central pocket of lower value homes (east of Route 206) has a substantial number of these expired/withdrawn listings while the other central areas show relative consistency.
In what is essentially the inverse of the above map, the following map is the upside of all listings that shows the number of listings that have sold in comparison to the total number of listings (percent closed).
The percentage of listings closed (or sold) is exactly the inverse of those listings that have either expired or have been withdrawn from the market.
The overall sale volume should show some similarity to the listing volume and similarly, is a result of similar factors (property types, density, etc.). What is also accounted for in sale volume however, is the above analysis of properties that either go off the market or sell.
The only real difference in the two maps (aside from the overall volume figures) are those same areas which displayed a substantial number of expired/withdrawn listings. Physically, those locations include pockets in the western high value portions as well as the lower value neighborhood east of Route 206 in the central part of town.
The final performance standard in this analysis is in my opinion, a true testament to the success of a real estate market. The ratio of sale price to list price shows the contrast in thinking between sellers and buyers in the market. The basic supply and demand price curve defines a price by the meeting point of what sellers are willing to sell for and buyers are willing to buy for. The closer those two figures are can in essence define the success of a market. The following map displays that relationship by census block for the entire borough.
[...] Performance [...]