Woodlea Manor First Quarter Data 2014
There have been 4 single family homes that have settled in the first 3 months of the year, which is stable from last year. The average sales price is $587,400. This is down 4% from the same time last year. The average "days on market" in Woodlea is 138 days with a list to sales price ratio of 92% (Homes are selling for 92% of the list price) These are NOT good numbers for Woodlea Manor!
Another statistic that I use to evaluate a neighborhood is liquidity and the liquidity in Woodlea paints a different picture. When discussing real estate, liquidity is expressed as "Months of Supply" and is a function of the absorption rate and the number of homes for sale. The absorption rate in Woodlea has historically been close to 3. As of May 1st there are 3 homes for sale in Woodlea Manor. Dividing the two gives us 1 "Month of Supply" If no other home came on the market, all the homes currently listed in Woodlea would be sold in 1 month. This IS a great number! To put this in perspective, anything less than 6 "Months of Supply" is considered a Sellers Market.
So why the contradicting data? The opinion of many of my peers is that the poor winter weather has kept many potential buyers out of the market. I disagree with this opinion. I’ve studied all the neighborhoods in Leesburg. All are showing higher sales prices. Most have an average days on market less than 45 days, and most show a list to sale price ratio above 98%. In my opinion, the reason why Woodlea has such poor first quarter stats is because the homes that sold in the first three months were priced too high. Three of the four homes were priced so far above market value that it took over 100 days for them to go under contract. One of the homes in particular had to reduce the price almost $100,000 to get a buyer! These sales are the reason the first quarter numbers look so bad in Woodlea.
We are experiencing a very strong sellers market this Spring. If you are selling or thinking of selling your home in Woodlea, price it appropriately. Know the market conditions and price it according to the market, not what you think its worth or what you hope its worth. If you do, there is a very good probability your home will be under contract in less than 30 days at more than 98% of your list price.