There has been a high level of activity in Woodburn Village this year. Unfortunately, a majority of the sales are foreclosures and short sales. In the few regular re-sales that did take place the prices and appraisals were heavily influenced by the distressed sales. 19 homes sold to date this year. 3 were regular re-sales, 11 were bank sales and 5 were short sales.
Homes on average sell for 95.4% of the original list price. They sell for 97.4% of the final list price. So, if you are looking to purchase in Woodburn odds are that you will be paying close to the current asking price.
Woodburn Village Sold YTD: http://matrix.mris.com/Matrix/Public/Email.aspx?ID=32375742559
If we look at the number of pending home sales in Woodburn Village as of 08/10/2009 we get a number of 10. They range in asking price from $125,000 to $220,000. 7 of these are short sales that may or may not close - the success rate for short sales seem to have gone up a bit lately though.
Four homes are currently available for sale in Woodburn Village. They range from a 2 bedroom short sale at $125,000 to a three bedroom short sale listed at $210,000. If you would like the current list of homes for sale, please email me.
To get a better understanding of the overall price development in the neighborhood I have put together a small graph with the various models separated out. This makes it much easier to see what the trend is as the mix of homes sold continuously changes skewing the min, max and average sales price.
As can be seen from the above graph, the average sales price is trending downwards and are back to 2003 levels. Based on the last few sales, the number of pending properties and the limited supply I do not see the prices currently going much lower. Rather, if the current market conditions persists towards the end of the year, the price should trend upwards (average for the year will still be down quite significantly.) This could change if there are a lot of foreclosures coming up and would also depend upon whether appraisals will keep coming back low.
Looking at the upcoming foreclosures on Realist I found 2 pre-foreclosure, 4 upcoming auctions and 6 bank owned properties. Most of the bank owned ones may already have been listed or already be under contract/sold.
Moving on to rentals the prices have gone down a bit on average. There are currently 4 properties listed for rent ranging from $1,095 for a 1br/1ba to $1,500 for a 2br/1.5ba. As can be seen on the below graph, the rents for most of the units went down a bit this year. Rents are pretty seasonal so the average for the year could change by the time we get towards 2010.
For investors the GRM is getting better and better. The rents may be stagnant but with the price fall the first few months this year the ratio of rents to purchase price are now back to 2002 levels.
Woodburn Village is a great neighborhood and the prices have not been this low in many years. Coupled with the low interest rates and the potential to qualify for the $8,000 tax credit this is an excellent time to buy. If you would like to discuss selling or purchasing in Woodburn Village please give me a call.
Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"
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