There has been a good level of activity in Woodburn Village this year. Unfortunately, 2/3rds of the sales are still foreclosures or short sales. For the regular sales that took place, the prices and appraisals were heavily influenced by the distressed sales. 30 homes sold in 2010 compared to 39 for 2009. Ten were regular sales, 8 were bank sales and 12 were short sales. As can be seen in the sales mix charts below the number of foreclosures are down and short sales are up again. Overall, there are more conventional sales in 2010 so hopefully this is the sign of a positive trend for homeowners and property values.
Homes on average sell for 96% of the original list price. They sell for 100% of the final list price. So, if you are looking to purchase in Woodburn odds are that you will be paying close to the asking price.
If we look at the number of pending home sales in Woodburn Village as of 02/21/2011 we get a number of 7. They range in asking price from $145,000 to $199,500. Five of these are short sales, two are regular sales.
Only one home is currently available for sale in Woodburn Village. It is a 3br/2ba shortsale listed at $170,000. If you would like the current list of homes for sale, please email me.
To get a better understanding of the overall price development in the neighborhood, please see below graph.
As can be seen from the above graph, the average sales prices seem to have bottomed out in 2009 and have started trending upwards (there are few 1br and 3 br units selling in a year, the two bedroom units may be a better indication of the price level.) It does seem that there still is quite a bit of distressed inventory that has to be sold so I don't expect prices to rise significantly in the near future.
Looking at the upcoming foreclosures on Realist I found 2 pre-foreclosure, 4 recent or upcoming auctions and 6 bank owned properties. Some of the bank owned ones or auctions may already have been listed and/or already be under contract or sold.
Moving on to rentals the rental prices seem to have recovered after a drop in 2009. There is currently 1 property listed for rent at $1,350 for a 2br/1ba.
For investors the GRM has stayed pretty much the same since 2008.
Woodburn Village is a great neighborhood and the prices have not been this low in many years. Coupled with the low interest rates and increasing rents this is an excellent time to buy. If you would like to discuss selling or purchasing in Woodburn Village please give me a call.
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"
Disclaimer: The data above is not guaranteed in any way and may contain errors and omissions and is based on MRIS data only. The analysis is my opinion only - always do your own research.
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