The sales activity in Pimmit Hills did as well in 2010 as in 2009. In 2009 49 homes sold compared to 50 homes sold in 2010. With the activity remaining the same, what is happening to the prices? There were some expectations that the homebuyer credit would affect the prices and/or activity for the first half of the year. However it doesn't really look like it had much effect - purchasers may just have moved up their purchase a few months.
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The amount of distressed sales (foreclosures and short sales) have been in the 25%-35% range the last few years. In 2010 the number of distressed sales went down to 10, as opposed to 16 in 2009. That is a good thing for homeowners in the community. 2010 was also supposed to be the year of the short-sale - it doesn't look like those are taking off in Pimmit Hills though as only one short sale closed in 2010 per MRIS.
For 2010, the lowest price sale was a 3br/1ba home at $250,000. The max price was a 5br/3.5ba newer home that sold for $730,000. The average price for all homes sold was $391,208, up from $367,254 in 2009.
In 2009, homes on average sold for 96.8% of the original list price and 101.1% of the final list price.
In 2010, homes on average sold for 98% of the original list price and 99% of the final list price.
If you are looking to purchase in Pimmit Hills odds are that you will be paying very close to the asking price.
There are 8 pending home sales in Pimmit Hills as of 2/17/2011 with asking prices on those properties in the $299,900-$375,000 range. One is a foreclosure, one is a normal sale and 6 are short sales.
The average days on market in 2009 was about 60, in 2010 the average was only about 26. So, there is a high demand for homes in Pimmit Hills!
11 homes are currently available for sale in Pimmit Hills as of 2/17/2011. The lowest priced one is $350,000 and the highest is priced at $649,500. One of those 11 is a foreclosure, zero are short sales. About 1/5th of the sales in Pimmit Hills were a short-sale or a foreclosure in 2010.If you would like the current list of homes for sale, please email me.
To get a better understanding of the overall price curve in the neighborhood we need to compare apples to apples. I have therefore tracked sales of 3br/1ba 1 level ramblers in the neighborhood over the last couple of years. Keep in mind - some of these homes may have family room extensions in the back (most add a second bath in those cases though) or could be completely updated. So, prices will vary quite a bit. Nevertheless, it 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.
Even though prices were doing well the first half of the year, the year ended on a downwards curve. Keep in mind, this could just signal that the homes sold were more teardowns than earlier years (there has been a trend of people buying teardowns in Pimmit Hills and then building themselves a new home using a build-on-your-lot companies like NDI.) As can be seen from the above graph, the average sales price was down for 2010. The average price for all homes sold was $391,208, up from $367,254 in 2009.
For 2011, per the Realist foreclosure tool, I see 0 pre-foreclosure, 7 auctions and 5 bank owned properties for Pimmit Hills. Some of the bank owned ones are already listed or are already under contract/sold .
Moving on to rentals the prices have started creeping up slowly after having been pretty flat over the last few years. There are currently 2 properties listed for rent ranging from $1975 for a 3br/1ba to $4,195 for a 5br/4.5ba.
For investors the GRM has been getting better and better since 2005. As the prices still declined some, and rents have started creeping up the ratio still increased slightly this year. Investors are buying in the neighborhood - especially foreclosures and tear-downs.
Pimmit Hills is a great neighborhood in a fantastic location. Interest rates and prices are both still low. If you would like to discuss selling or purchasing in Pimmit Hills please give me a call at 703 560-3424.
Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"
Disclaimer: The data above is not guaranteed in any way and may contain errors and omissions and is based on MRIS data only. The analysis is my opinion only - always do your own research.
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