January was a slow month for closings, which we anticipated due to the low number of pending properties the previous month. But it was a very active month for buyers. The Briargate area of the MLS, which includes Cordera, Wolf Ranch, and Pine Creek, saw a 225% increase in pending properties over December. Of the closings that did occur we saw a big jump in sales price. In December 35.4% of the homes sold were priced under $300,000, in January only 8.7% of the homes sold were priced under $300,000. 32% sold for list price and an additional 16.5% sold for above list price. This means that 48.5% of the homes in District 20 sold for list price or higher. All good news for sellers but means a very competative market for buyers!
The average sales price and median sales price are both up 5% from as the previous month with the average price at $423,332 and median price at $400,000. Active listings are down 9% from December with pendings up 35% and sales down 36%.
Average sales price is up 8% and the median sales price is up 7% from one year ago, while active listings are up 5%, pending properties are down 5%, and solds down 36%. The pending ratio is up from 34% to 47% which is a strong indication that buyers were looking to buy through the holidays and well into January.
For additional details visit Academy District 20 Homes Market Update