The State of Penderbrook -9/14/2010
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From time to time we need to help homeowners and homebuyers better know what is going on in their community. In this addition of The State of Penderbrook, we are going to look at the home sales market before the tax credit ended, after the tax credit ended and what we think is going to happen here at Penderbrook before the end of the year.
What all this Home Data Means:
Take a good look at the info below. This gives us a very good sign of what is going on in Penderbrook now and what is going to happen here in the next couple of months.
-We are seeing fewer and fewer foreclosures. This is a very good sign but skewed by the next point.
-Banks are now working with short sale sellers to get there home sold (but this takes 4-6 months)
-There are alot of healthy regular sales here in Penderbrook. Alot of these though are overpriced for what our market is allowing.
-We are seeing fewer buyers buying right now as opposed to the begining of the year (35 Homes sold January-April / May - Now 17 Sold and 22 are under contract = 39)
-There is alot of inventory to choose from. Sellers have there home on the market for a reason, TO SELL IT. Don't be afraid of offering a lower price, if it aligns with what the market is doing.
-Short Sales are going to be around for another year or two.
**Interesting Fact - There were over 500 homes sold in Penderbrook from 2006-2008. These were bought during the height of the market. These homes are over valued and these people are prime suspects for doing a short sale, especially if they have an adjustable rate mortgage.
January 2010 - April 2010 - Before the tax credit
(Now we had to do a little bit more research to include those homes that were under contract before the tax credit ended and closed after April)
35 homes sold during this time (25 Condos - 10 Townhomes)
11 of these homes were Short Sales
4 of these homes were Foreclosures
20 of these homes were Regular Sales
-Median Sales Price of these homes sold
$132k - Penderbrook Sq - 1bd - 500sq ft
$152k - Penderbrook Sq - 2bd - 700sq ft
$180k - Penderbrook Sq - 2bd/1ba
$221k - Penderbrook Sq - 2bd/2ba
$265k - Heights of Penderbrook - 2bd/2ba
$250k - Heights of Penderbrook - 3bd/2ba
$238k - Oxford Condos - 2bd/2ba
$320k - Wedgeway TH
$390k - South Penderbrook TH no garage
$429k - South Penderbrook TH garage
May 2010 - August 2010 - After the tax credit
17 homes sold during this time (12 condos - 5 Townhomes)
1 of these homes were Short Sales
4 of these homes were Foreclosures
12 of these homes were Regular Sales
-Median Sales Price of these homes sold
$122k - Penderbrook Sq - 1bd - 500sq ft (-10k)
$155k - Penderbrook Sq - 2bd - 700sq ft (+3k)
$0 - Penderbrook Sq - 2bd/1ba
$229k - Penderbrook Sq - 2bd/2ba (+8k)
$235k - Heights of Penderbrook - 2bd/2ba (-30k)
$245k - Heights of Penderbrook - 3bd/2ba (-5k)
$0 - Oxford Condos - 2bd/2ba
$314k - Wedgeway TH (-6k)
$0 - South Penderbrook TH no garage
$423k - South Penderbrook TH garage (-6k)
Active & Under Contract on the Market Right Now
33 Homes on the market / 22 Homes under contract
(41 Condos, 18 Under Contract - 14 Townhomes, 4 Under Contract)
Average Days on the market for these homes is 93 days...
WHY?? because the condition of the home and what the home is worth are not matching up in the price of the home.
21 of these homes are Short Sales
5 of these homes are Foreclosures
29 of these homes are Regular Sale
*All information was gathered from the MRIS
