Park Place and Mockingbird Estates - State of the Neighborhood Q4 2010

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

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.

Current Homes on Market

Average List Price

List Price / Sq Ft

Avg Days on Market

Park Place

(22 homes)

$123,125

$73.16

146 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

Park Place

4th Quarter 2010

(9 homes)

$113,277

$108,526

$66.50

122 days

All Midlothian
4th Quarter 2010

$182,118

$176,203

$75.12

118 days

Park Place
3rd Quarter 2010

(5 homes)

$179,120

$177,980

$80.50

50 days

All Midlothian

3rd Quarter 2010

$212,076

$203,702

$83.50

106 days

Absorption Rate*

All 2010

4th Quarter 2010

December 2010

Park Place

8

7.33

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 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.

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

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

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Rainmaker
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Joshua Harley
Fathom Realty - Plano, TX
CEO, Tech Geek, Innovator, Disruptor, US Marine

Scott - Great information on the Market.  I like the way you put this together!

Jan 17, 2011 11:51 PM #1
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Rainer
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Scott Cotton

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