Chadwick Farms Roanoke TX: 2013 Real Estate Market Report
Chadwick Farms real estate makes a huge turnaround in 2013
A look at the Chadwick Farms real estate market for 2013 and a 2014 outlook; brought to you by Kirby Smith and Kallie Ritchey of the Alliance Realty Group/Kirby Smith Realty.
First, I want to thank you for taking the time to read our market report that we've prepared for the Chadwick Farms neighborhood.
As the only real estate company in Roanoke, my team and I have made it a point to make Chadwick Farms one of our specialty neighborhoods. As a result of this focus, we were one of the top selling real estate companies in Chadwick Farms in 2013.
In 2013 we focused a lot of our efforts in marketing in Roanoke and in Chadwick Farms specifically. At one point, we actually knocked on doors in the neighorhood trying to find those who might be ready to sell because there was a real lack of inventory. This is not our favorite method of reaching out to find sellers, but when we have buyers looking for something specific, we work hard to find it.
A Look Back
2013 was a year that saw the local real estate market continue it's rebound from the market recession of 2007-2011. This is true for Chadwick Farms as well. The local real estate market hit bottom in 2011 and began it's turnaround in 2012. 2013 was just a continuation of what had already begun. Thank goodness.
In this State of the Market address for Chadwick Farms, we're going to look at the numbers and see exactly how much the market improved.
To see how the local real estate market, specifically Chadwick Farms fared in 2013 we need to look at 2012 first to see where we came from.
For the sake of this real estate market report, we're going to base our study on the sale of pre-existing homes only. A couple of reasons for this. First, new home sales data can be hard to come by and second, we're looking for an apples to apples comparison. New home sales will always skew the numbers.
2012: The Turning Point
As previously mentioned, 2012 was the year that the real estate market really begin to shift and turnaround from what was happening in 2011.
As the chart below illustrates, 2012 was a fairly pedestrian year for real estate in Chadwick Farms. There were only 20 pre-existing home sales and the average sales price was only $178,564. Days on market averaged 119 days and the average price per square foot was $80.16.
To summarize the 2012 home sales date for Chadwick Farms Roanoke TX, see the chart below.
|
Chadwick Farms |
2012 |
|
# of Homes Sold |
20 |
|
Average Sales Price |
$178,564 |
|
Average Days on Market |
119 |
|
Average Price per Square Foot |
$80.16 |
Chadwick Farms 2013 Home Sales Data
As you will see once we start looking at the numbers for 2013, the Chadwick Farms real estate market really shifted from a buyer's market to a strong sellers market.
The graph below shows the average sales price per quarter in 2013 as compared to 2012.
As you can see in the graph above, there was a huge change in average sales price of homes that sold from 2012 to 2013. The overall average sales price in 2012 was $178,564, but in 2013 that number jumped to $218,369. That's a 22% increase in home values in just one year. And that's just the beginning of the good news of what happened in 2013.
The graph below shows what happened to the average price per square foot in 2013. That number went up as well.
As you can see in the chart above, the average price per square foot for home sales in Chadwick Farms really took off in 2013. For the year in 2012 the average price per square foot was $80.16 and in 2013 it was $84.23. That's an increase of 5%.
|
And finally, a look at the Days on Market graph really shows the shift in the market in 2013.
This Days on Market graph really shows how the Chadwick Farms real estate market shifted in 2013. The Average days on market went from an average of 119 days in 2012 to just 38 days in 2013. That's a 68% reduction in the "Days on Market" for the average home that sold in 2013.
This is truly a remarkable shift in the market.
The table below brings everything together and shows the dramatic change in the Chadwick Farms real estate market in just one year.
|
Chadwick Farms |
2012 |
2013 |
% Change |
|
# of Homes Sold |
20 |
53 |
165% |
|
Average Sales Price |
$178,564 |
218,369 |
22% |
|
Average Days on Market |
119 |
38 |
-68% |
|
Average Price per Square Foot |
$80.16 |
$84.23 |
5% |
The number of homes sold more than doubled, the average sales price went up 22%, the days on market dropped 68% and the average price per square foot increased by 5%.
2013 was truly a remarkable year for home sales in Chadwick Farms. I won't get into the all the factors that attributed to the gains in 2013, but let's just say that the local economy, low interest rates and excellent local schools all contributed to create a favorable environment for homebuyers in 2013.
2014 and Beyond
We see signs that the strong market will continue into 2014 and beyond. There's lots of factors that influence the real estate market including local economy, interest rates, monetary policy, availability of money and more. But, assuming no big shifts in any of these factors, 2014 looks to be a continuation of 2013. A recent Forbes real estate article predicted a 25% increase in local home values for the next 3 years. That's great news if you are a homeowner in Chadwick Farms.
Conclusion
This has been a brief look at the Chadwick Farms real estate market in 2013. This was meant to be a short read and to offer just a glimpse at the performance of the local market.
Obviously if you are a homeowner in Chadwick Farms, you've seen your home's value increase quite a bit in the past 2 years.
If you are seeking to buy a home in Chadwick Farms, you can see that the Chadwick Farms market performs very well. Expect this trend to continue in 2014 and beyond.
We at the Alliance Realty Group appreciate you taking the time to read this Chadwick Farms real estate market report for 2013. As specialists in Roanoke, we take great pride in knowing everything there is know about local real estate and providing that information on to our neighbors.
As always, if you are considering selling your Chadwick Farms home in 2014, we would love to help you with that. Likewise, if you are considering making Chadwick Farms your home in 2014, we can assist with that as well. For questions, please contact our office at 682-237-1440. To see all the homes for sale in Chadwick Farms please visit Chadwick Farms Roanoke TX.
Happy New Year!
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