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PROPERTY VALUES IN YOUR NEIGHBORHOOD
This newsletter is a snapshot of the real estate market in Hill Crest, Fox Run and Valley View, specifically for the 4th quarter of 2010.
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Current Homes on Market
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Average List Price
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List Price / Sq Ft
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Avg Days on Market
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Your Neighborhood
(12 homes)
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$162,412
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$79.53
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118 days
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All Midlothian
(225 homes)
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$224,629
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$86.18
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135 days
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Homes Sold
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Average List Price
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Average Sale Price
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Sale Price / Sq Ft
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Avg Days on Market
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Your Neighborhood
4th Quarter 2010
(4 homes)
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$189,900
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$186,250
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$79.37
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87 days
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All Midlothian
4th Quarter 2010
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$182,118
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$176,203
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$75.12
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118 days
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Absorption Rate*
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All 2010
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4th Quarter 2010
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December 2010
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Your Neighborhood
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12
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18
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9
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All Midlothian
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8.21
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8.92
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8
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*- 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.
While the homes in your neighborhood are staying on the market a little longer than we would like, your sales prices are staying very strong compared to other parts of the city. While it might be easier to sell a house in your neighborhood than other areas in our market, I would still advise not to put a home on the market now unless really necessary. Once the market picks back up in March, Fox Run, Hill Crest and Valley View will be the closest thing Midlothian has to a seller’s market.
This data was compiled using the MLS database (NTREIS).
For more Midlothian market info, check out my Park Place market report and my Midlothian Meadows market report
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