PROPERTY VALUES IN OUR NEIGHBORHOOD
This newsletter is a snapshot of the real estate market in Park Place , Park Place East and Mockingbird Estates, 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 numbers here paint a bleak picture, but the reality is not that bad. 4th quarter home sales contained many foreclosed properties that skewed the numbers downward, especially sale price per sq ft and days on market. There are not nearly as many foreclosed and HUD homes on the market now, so you should see the price per sq ft normalize up to where it should be in the $74-$77 range.
The days on market should improve as well, but it's still very much a buyer's market. Unless you HAVE to list your house now, I would advise waiting until at least the end of February for the market to shake of it's winter doldrums. Late spring/early summer would be more ideal, as the market always spikes at that time.