Kingsbrooke Single Family Home Report: May 2014
Time always seems to accerlerate when it comes to summer. Here we are at the end of June and there are two more months of pool time and summer vacation in Kingsbrooke. Before we get too far ahead, let's take a look back at May and see what happened in the Kingsbrooke single family home market. We will make comparisons to last month (April 2014) and last year (May 2013.)
SINGLE FAMILY HOMES FOR SALE IN KINGSBROOKE
8 Listings were Active: 6 Regular Sales, 2 Short Sales
Since there were no active listings in May 2013, we will have only comparisons to last month for the available inventory in Kingsbrooke single family homes for May 2014. Short Sales are continuing to be a factor in the neighborhood, but are in the minority of homes listed. For buyers that need certainty, this is a very good thing. The high list price was down over 2% since last month, but the low price was unchanged. The average list price was down 3% since last month. I wouldn't proclaim Kingsbrooke home values are dropping. List prices are suggestions. We really only know true market value from the SOLD column.
SINGLE FAMILY HOMES UNDER CONTRACT IN KINGSBROOKE
3 Listings were Under Contract: All Regular Sales
There were fewer homes in Kingsbrooke under contract this past May as there had been last month and last year by half or more. The high list price at time of contract was over 4.5% less than it had been last month, but high marketing time was 85% faster. The low list price at time of contract was up over 7.5% since last month, but the low marketing time had taken 300% longer. That equates to 3 days. Don't panic. The average list price at time of contract was up 1/2 of 1% since last month and up over 1% since last year. The average marketing time was 62% faster than it had been last month and was 29% faster compared to last year. These are good trends in the averages.
SINGLE FAMILY HOMES SOLD IN KINGSBROOKE
7 Listings Sold: 6 Regular Sales, 1 Short Sale
While the number of Kingsbrooke homes under contracts was anemic compared to last month and last year, the sold column is exactly the opposite. Looking back one month and one year the number of solds has doubled and tripled, respectively. The high sold price was over 11.5% more than it had been last month. That's good news, but the high marketing time was 1,771% longer. That's a difference of 124 more days on the market at most. The low sold price was nearly 6% lower than it had been last month, but the low marketing time was 300% shorter. Basically, the low marketing time was non-existent from 3 days. No worries there. The average sold price was up over 3.5% since last month and up nearly 6% since last year. The average marketing time was 400% longer compared to last month and 1,400% longer compared to last year. Still, 30 days to sell a home is not unreasonable.
The next Kingsbrooke Single Family Home Report will be also be out in July and will detail sales from the month of June. Until then, if you are thinking of selling your Kingsbrooke home, give me a call for a free market analysis. I've been a full-time Bristow Real Estate Agent since 2005 and can get you the most for your home in the shortest period of time.
And don't forget to join the Kingsbrooke neighborhood Facebook group. It is a great place to connect with neighbors and always have access to neighborhood property value reports.
To view the Kingsbrooke Townhouse Report for May 2014, click the link provided.
Statistics compiled by Chris Ann Cleland using the MRIS (Metropolitan Regional Information Systems.)