Welcome Spring! With each passing year, time goes by faster and faster. We’re almost through our first quarter of 2008, and while our national economy still struggles, our local housing market still holds the promise of a fair year. While not seeing the kind of volume enjoyed in previous years, there is still good news to share.
This week, we’ll focus on the data for SOLD single family homes from January 1 through February 29 2008. During that time period, 333 such homes closed, with an average list price of $193,963, and average sales price of $186,116 and an average number of days on the market of 135. All in all, not bad for the early winter months.
Now let’s see which homes showed the best returns. The price range with the largest share of these closings was the $120,000 to $160,000 range – 79 closed homes, or almost 24% of the total volume. Within that group, homes that fell within this price range AND had 3 bedrooms accounted for 50% of the closings.
Homes priced at $250,000 or more accounted for the second highest market share with 70 closings, or 21% of the total volume. In this category, homes with 4 bedrooms accounted for nearly half of those that sold.
A second factor to consider is the “list price vs. sales price” – in other words, how much of the asking price did the homes that sold actually make? Again, the category with the highest percentage was the $120-$160,000 range – with those homes bringing 97.88% of their asking price. The next highest price range was $160-$200,000 – those homes also brought 97.83% of their asking price.
Finally, let’s look at which homes are selling the fastest. Homes priced between $90-$100,000 spent an average of 88 days on the market. The next most active price range was the $200-$250,000 range, where homes spent an average of 107 days on the market.
As always, by providing these statistics, we hope to provide consumer confidence to both buyers and sellers in the greater Lynchburg market. Contact your REALTOR if you have additional questions about the state of the market in our area.