Rice Military Market Report January 2009

By
Real Estate Broker/Owner with Signature Real Estate TREC# 516948

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Real Estate Market Statistics for Rice Military:

Free Standing Homes

Active on the Market

There are currently 44 total properties for sale asking an average of $172.62/SF priced as low as $309.9k all the way up to $1.2M. Almost 70% of the current inventory for sale are new developments. On average , active listings have been on the market for 93 days. None of the homes for sale  in the neighborhood are bank foreclosures.

Pending Sales

As of the writing of this article, there are 8 properties that went under contract in January, at different stages of the transaction (i.e. pending inspection, pending but taking backups, pending closing). The average asking price of the homes that went under contract is $162.31/SF priced as low as $309k all the way up to $960k. On average , pending sale listings have been on the market for 68 days. None of the  pending sales are bank foreclosures.

Sold

A total of 3  properties were sold during January at an average of $128/SF with sales prices ranging from $206k all the way up to $405k. Just one of the sold properties in Rice Military during January was a new development. On average, sold listings have been on the market for 141 days. One out of three solds was a  bank owned property.

The current absorption rate for freestanding homes in Rice Military is 6.2 months - that is, it would take about 6 months to sell all the current inventory at the rate homes have been selling in the neighborhood over the past year. This statistic demonstrates that the area  is trending towards a balanced neutral market. On average, sold listings fetched 95% of asking price, which shows that Seller’s who were willing to discount their prices got their homes sold, while the rest held on to their price point waiting for the right buyer. Something to keep an eye on is large number of new builds in the area versus resales. Their inflating days on market tell me their prices may be coming under some downward pressure and some good deals might come as a result of it.

Townhomes

Active on the Market

There are currently 28 total properties for sale asking an average of $162.03/SF priced as low as $221.9k all the way up to $1M. Almost 50% of the current inventory for sale are new developments. On average , active listings have been on the market for 99 days. None of the homes for sale  in the neighborhood are bank foreclosures.

Pending Sales

As of the writing of this article, there are 2 properties that went under contract in January, at different stages of the transaction (i.e. pending inspection, pending but taking backups, pending closing). The average asking price of the homes that went under contract is $168.15/SF priced as low as $231k all the way up to $343k. On average , pending sale listings have been on the market for 127 days. None of the  pending sales are bank foreclosures.

Sold

A total of 2  properties were sold during January at an average of $136.81/SF (shameless plug: one of them was ours =) with sales prices ranging from $235.9k all the way up to $545k. None of the sold properties in Rice Military during January was a new development. On average, sold listings have been on the market for 40 days. None of the solds were bank owned properties.

The current absorption rate for freestanding homes in Rice Military is 3.9 months- that is, it would take about 4 months to sell all the current inventory at the rate homes have been selling in the neighborhood over the past year. This statistic demonstrates that the area  is actually in a Seller’s Market. On average, sold listings fetched 93% of asking price, so Seller’s ask yourselves this question: “Provided that I am priced right, would I be willing to take an offer 7% less than what I’m asking?”. And if the answer is no, the market is  telling you that you should not be in it right now.

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