REAL ESTATE STATISTICS BROADLANDS HOMES FOR SALE JULY 2013 CONTINUE TO REFLECT A SELLER’S MARKET
These statistics are a reflection of July 2013 Stats for the Broadlands homes for sale. If you would like to see more specific statistics for your area, i.e. a different zip code or a specific price range and geography please click here and make your request.
TOTAL BROADLANDS HOMEs FOR SALE IN JULY
In July 2013 there were a total of 15 homes sold in Broadlands. This was down from 17 in June. Of those sold 5 were townhomes and 10 were single family homes.
AVERAGE BROADLANDS HOME SALE PRICES IN JULY
The average price for Townhomes was $418,620 up 1% from the previous month. The average Single Family home price was $677,990 also up 6% from the previous month. Don't get hung up on the changes in average price, its a small sample size and not statistically significant.
AVERAGE DAYS ON THE MARKET FOR BROADLANDS HOMES FOR SALE IN JULY
The great news for sellers is that this continues to be a sellers market with low inventory and a fairly low Days on the Market. Average Days on the Market for townhomes decreased from 8 days in June to 6 days in July; the Days on the Market for Single Family homes increased from 5 days in June to 26 Days in July... still a very low days on the market figure!
WOW, So get ready to move when you put your place on the market.
ABSORPTION RATE STATISTICS FOR BROADLANDS HOMES FOR SALE
So what is absorption rate? Absorption Rate is how many homes are sold in a given period of time. So if 120 homes sold in the last 12 months, then the absorption rate is 10 homes per month. So why is this important? It is only through absorption rate that one can define a market in terms of a Sellers Market, Buyers Market or a Balanced or Normal Market.
WHY IS ABSORPTION RATE IMPORTANT?
Because it determines how quickly homes move on and off the market....and you want to know that right? So you know how long it will take you to sell your home if priced properly, so you can make that move for your job, or buy that move-up home, or be able to predict with some level of certainty how long you have to keep your house clean and have people going through it when you have it for sale.
BROADLANDS REAL ESTATE STATISTICS - ABSORPTION RATES
Okay so the absorption for Townhomes is: 65 sold in the last 12 months or 5.4 per month. The absorption rate for Single family detached homes is: 81 sold in last 12 months or 6.8 per month.
PUTTING IT ALL TOGETHER!
So to make sense of all this you need to know the current inventory of homes so, as of August 15th here is the scoop! There are 5 Townhomes are on the market which represents about 1 month of inventory and there are 10 single family homes on the market that represent about 1.5 months of inventory.
According to the National Association of Realtors:
A Sellers market is defined by 1-4 months of inventory
A Normal Market is defined by 5-6 months of inventory
A buyers Market is defined by 7+ months of inventory
THERE IS A SEVERE SHORTAGE OF HOUSING INVENTORY RIGHT NOW AND HOMES ARE MOVING QUICKLY.
WHO DO YOU KNOW THAT NEEDS HELP SELLING A HOME RIGHT NOW.....PLEASE GIVE US A CALL SO WE CAN HELP!
Thats about it for now for Broadlands Real Estate Statistics for July. See you next month!