Felton Home Sales, Prices and 2011 Market Update
2011 –year in review
63 homes sold in Felton during 2011. The average home price fell about 23% when compared to 2010. The average home sales price was $328,643, taking an average of just over 3 months (101 days) on the market prior to going into escrow. The discount between the list price and eventual sale price was 4% overall.
The highest priced home sold for $736,861 – this was a bank owned 5 bedroom, 3 bath home on 22+ acres.
The lowest priced home sold for $44,000 – it was a tiny, bank owned, burned down home on Highway 9.
Why did prices fall so dramatically? In my opinion, the main reason is that the number of higher end homes - those selling for more than $500,000 - shrank from 14 in 2010 to only 5 in 2011. On the other hand, in the affordable and fixer-upper home segment, 28 homes sold in 2011 for less than $300,000, nearly 3 times the number (just 10) that sold in that price range in 2010.
63% of all sales (40 houses) were distressed sales in 2011 - homes that were either foreclosures or short sales. All but 2 of the affordable segment were distressed sales – just two were normal, owner occupied sales. This is in contrast to 2010, when 47% (28) were distressed residential transactions.
In conclusion, prices fell due to the mix of homes that actually sold as much as anything else. Most buyer activity is either first time buyers or investors.
What I am seeing is that many people who might be trying to move up into a bigger home, or downsize into a smaller home, are waiting for the market to recover before they put their home on the market. A few people are able to rent out their homes, and taking advantage of low interest rates to buy a second home that suits them better.
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2010 –year in review
In 2010, 60 homes sold in Felton. The average home sales price was $427,195, taking an average of 80 days on the market prior to going into escrow. The eventual sales price was an average discount of 2.2% off the list price.
The highest priced home sold for $795,000 – a lovely owner occupied 4 bedroom, 3 ½ bath home on about 3 ½ acres.
The lowest priced home sold for $97,000 – a small 1 bedroom, bank owned cabin.
Source: MLSListings.com, Single Family Dwellings