PROPERTY VALUES IN OUR NEIGHBORHOOD
This newsletter is a snapshot of the real estate market in Midlothian Meadows, specifically for the 4th quarter of 2010.
*- Absorption rate is used to determine trends in a market by using the number of current listings and the number of sold properties in a given time frame to measure how long it is taking to sell market inventory. An absorption rate greater than six is considered to signify a buyer’s market, and below six is a seller’s market.
The good news is that homes in our neighborhood are staying on the market for a shorter period of time than homes in the rest of Midlothian, and our sales price per square foot for the 4th quarter is actually higher than the 3rd quarter. However, it is still very much a buyer's market, so if you are selling your home in early 2011, you will probably need to be aggressive with your pricing. Unless you are forced to sell quickly, it would be best to wait until late spring/early summer when the market traditionally picks up.
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