Between hosting a party for 800 at National Night Out and trying to celebrate a birthday, I'm running a little late getting this month's update posted! The frightening economic meltdown happened after October 1 so the number's in this report do not reflect any impact to the market from that. We may see some impact in October's report. October should be a double whammy: not only the economic turmoil, but the fair is in town which every year puts a muzzle on real estate activity. Days on Market continues to be high in all parts of town and Lower Greenville is no exception, averaging about 150 days.
Original Homes: Not much change this month. The $/sqft has remained about the same, inching up about 0.5%. The inventory is up about 10% over last month which has pushed us to 7.4 months of inventory. Higher than last month but still very healthy in any market.
Newer Construction: After a small jump in new construction resales last month, we were back to typical levels of 6-8 homes sold per month. Inventories are around 9 months which is still better than city wide average but not quite as low as we would like.
Condos: This was a very weak month for condos. Only one unit sold in the Lower Greenville area. This continues to be skewed by the fact that half of the inventory is at the Palomar which is a product that is not typical for our market.
Lot Values: Two lots were sold this month. For those keeping track, that's double the number in the previous two months combined. While two is not statistically significant, At least there is some movement in that market. The average price for these lots was $213K. Most of the list prices on tear down lots have drifted down from the $230K range of a year ago to the $190K range today. There are still several hold-outs asking $230K or more, but none of these have sold. I suspect the builders will be taking a lot less risks with spec homes over the next fews months.
And Now for the Numbers:
| Total on Market | Avg $/sqft | DOM | Sold In Sept | Avg Sold Price | Months Inventory | |
|
New Construction, Single Family (2006 or later) |
37 | $174.50 | 112 | 4 | $604,469 | 9.25 |
| New Construction Resales (after 1975) | 27 | $171.50 | 142 | 3 | $500,000 | 9 |
| Older Single Family (Pre 1975) | 148 | $188.35 | 130 | 20 | $333,120 | 7.4 |
| Condo/Townhome | 38 | $199.00 | 226 | 1 | $128,628 | 38 |
| MultiFamily | 13 | NA | 163 | 1 | $330,000 | 13 |
| Lots / Teardowns | 13 | $25.00 | 257 | 2 | $213,000 | 6.5 |
The Typical Home*
| Sep-06 | Sep-07 | Sep-08 | |
| M-Streets Tudor, 1800sqft, updated | $350,083 | $354,867 | $432,800 |
| New Construction, 3600sqft | $615,392 | $715,000 | $675,000 |
*NOTE: These typical home values are based on a rolling three month average. With the uniqueness and diversity of the homes in our area, this does not represent a trend, only a snapshot of the market.
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