We hear a lot of talk, and get a lot of heat about always using “high end” bits of anecdotal sales information, and always cheering the market on. All of which we’ve taken into consideration. So…we did a little searching.
Since 10/31/2007, according to MLS 85 homes throughout the entire city (condo and single family) within the price points of $500-700,000 closed escrow. The majority of which sold within 5% of asking.
A few averages in 2007:
List price $612,603
Square footage 1202
List price per square foot $602
Sales Price $613,093
Sales price per square foot $599
How does that compare to the same period one year ago? Well…it sucks. Using the exact same search criteria, we found in the same period in 2006 there were 144 homes that closed escrow, the majority of which also sold within 5% of asking. That equates to roughly 41% less activity today than a year ago in the price range $500-700,000, according to MLS. It does not take into consideration any new development sales, or off market deals.
The averages in 2006:
List Price $620,754
Square Footage 1090
List price per square foot $613
Sales Price $619,297
Sales Price per square foot $612
The verdict: You are now, officially, getting more for your money in the price range $500-700,000 than you were last year. We could, of course, go back to 2000, 2001, 2002, 2003, 2004, and 2005 to show that you really need to think long term when thinking real estate, but we’ll let you all enjoy this little bit of doom and gloom reporting by yours truly, theFrontSteps. Don’t get used to it. ;-)
-2007 Properties List/Report [MLS]
-2006 Properties List/Report [MLS]