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What's My Ladd Park Home Worth? May 2016
What's My Ladd Park Home Worth? May 2016
Properties active on the market: 26 Single-family properties closed in May: 15 Average sales price: $475,595 Average list price: $460,950 Sales price to list price ratio: 103.2% Average days on the market: 28 Ladd Park absorption rate: 1.7 months of inventory (a normal or steady market would be 5-7 months; anything under 5 months of inventory is considered a seller's market, above 7 months is considered a buyer's market). Ladd Park is experiencing an extreme seller's market. This neighborhood is still under construction but existing homes have begun to enter the resale market. Ninety-three percent of the homes closed in May were new construction. 
While new construction is bolstering the existing home prices, sellers should be prepared to price their homes lower than new home inventory. New construction will be your primary competition.
There are three reasons why buyers will opt for existing homes over new construction:
Location - They prefer a section of the neighborhood where homes may have a little more yard space and no construction traffic. Timing - It takes months to build a new home. Buyers who need immediate occupancy will turn to existing homes. Pricing - Existing home sellers are likely to be more negotiable on ... more

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