Friday, April 8, 2011

Location, Location, Location...and Price

We've all heard the old real estate phrase, location, location, location. But in recent years, price has also been a major contributor to home sales. Price is certainly still a factor today.

As we head into spring, when the housing market typically heats up, some have said this year appears to be a little slower than past years.  A closer look at the Westmorland and Sunset Village neighborhoods reveals quite the opposite. While there has been only one home sold in those neighborhoods in the last month, that doesn't mean there hasn't been a flury of activity.

Let's dive into the numbers a little deeper. 

In recent weeks, there has been a lot of activity in Westmorland and Sunset Village.  In those two neighborhoods, there are currently 20 homes on the market, however 8 of those homes have offers or are pending sales. That's nearly half of the inventory!

The average list price for these eight  homes is $272,133. The really interesting piece of information however, is that the average days these homes were on the market until an offer came in was 14 days!  In Westmorland alone, three of the homes had an accepted offer in fewer than 10 days.

So what does that mean?  Of course, it does go back to location, location, location.  The condition of the home also plays a role.  But I believe it also reveals that competitve pricing can make the difference between a home that languishes on the market and one that sells quickly.  It also illustrates that we can't discount the importance of paying close attention to the things we can control, such as price.  Priced right, it will sell!

1 comment:

  1. Kathy--Your enthusiasm is apparent and your insight in the neighborhood is priceless. Way to go. Keep on keepn on.

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