Midlothian Meadows - State of the Neighborhood Q4 2010

By
Home Inspector with Texas Inspected TREC # 20406
https://activerain.com/droplet/4Zl

 

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.

 

Current Homes on Market

Average List Price

List Price / Sq Ft

Avg Days on Market

Midlothian Meadows

(11 homes)

$153,659

$77.63

89 days

All Midlothian

(225 homes)

$224,629

$86.18

135 days

 

Homes Sold

Average List Price

Average Sale Price

Sale Price / Sq Ft

Avg Days on Market

Midlothian Meadows

4th Quarter 2010

(4 homes)

$148,357

$150,313

$78.32

66 days

All Midlothian
4th Quarter 2010

$182,118

$176,203

$75.12

118 days

Midlothian Meadows
3rd Quarter 2010

(2 homes)

$149,633

$138,510

$72.74

73 days

All Midlothian

3rd Quarter 2010

$212,076

$203,702

$83.50

106 days

Absorption Rate*

All 2010

4th Quarter 2010

December 2010

Midlothian Meadows

7.76

8.25

11

All Midlothian

8.21

8.92

8

 

*- 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.

 

This data was compiled using the MLS database (NTREIS).

For more Midlothian market info, check out my Hill Crest market report and my Park Place market report.

 

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Scott Cotton

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