• May 2024 (May 2023)
  • Number Sold: 15 (13)
  • Average Price: 633,567 (663,685) (-4.5%)
  • Avg/MedDays: 12/2 (48/42)
  • Price/Square Ft: 270 (259) (+4.2%)
  • Inventory: 1.3 (0.7) (+85.7)
    
    
    
• Year to Date (vs. Last Year)
  • Number Sold: 50 (50)
  • Average Price: 631,030 (592,377) (+6.5%)
  • Avg/MedDays: 24/11  (61/44)
  • Price/Square Ft: 264 (254) (+3.9%)
  • Inventory: 1 (0.8)

Continued good news for those considering selling your home and it gets even better when you drill down into the numbers.  The headline is that homes are going under contract at the same speed as they were in 2021-22 with just 12 days on average.  Quicker sales are always expected in the Spring Market, however last year we were looking at 48 average days thanks to the extended “sticker shock” of interest rates jumping in May 22.  It seems as though the market has adjusted and accepted higher rates, even though it might not like it (and who would, to be honest, but c’est la vie).  

The only clarification I see in the May sales figures is the average sales price, down about 30,000 or 4.5 compared to last year.  Looking more closely you’ll see that the average sales price per square foot actually went UP 4.2%.  Last month the average resale clocked in at 2,365 square feet whereas last year the average resale was 2,610 square feet.  Bigger house, bigger money.  That’s Real Estate 101!  

Additional observations:  One thing we are noticing home that just need a “little” bit of work or updating are starting to linger in the upper price points.  While we don’t have any data, my “gut” is telling me that people are hitting the top of their budgets simply buying the home (thanks to appreciation) and their monthly payment (thanks to appreciation and interest) so they do not have any money for repairs or renovations.  Homes that are up-to-date are moving quicker.  Homes that aren’t…well…aren’t.  That’s something to keep in mind here in Briar Chapel because the homes in our “historic” district are 15+ years old now.  Trends change and homes get a little beat up even if they’re well cared for.  Take the time to fix items before selling and your home should move quicker!