Why are home prices rising so fast? I think I will write a blog about that topic within the next couple of weeks. Because when I see how far some buyers are paying over list price for a home, I think the general public would appreciate comments on price fluctuation! Armour Hills, one of the largest subdivisions in Brookside, continues to be a very desirable location, one that some buyers will pay just about anything to live here. More details follow! Here are the stats:
MARCH 2024 | MARCH 2023 | |
---|---|---|
Median list price: | $450,000 | $365,000 |
Median sales price: | $480,000 | $390,000 |
Days on market: | 2 | 25 |
No. of homes sold: | 5 | 5 |
Prices shot up 23% compared to March 2023; the same number of homes closed. Of the five homes that changed owners, one home sold for $55,050 over the asking price of $459,950 and another sold for $100,000 over the asking price of $475,000–and that house had just one and a half baths! The price of $575K is the highest so far this year in Armour Hills; there was another home that closed at that price in February–and yes, that one was way over the list price by $60K.
Let’s look at the year-to-date numbers:
JAN-MARCH 2024 | JAN-March 2023 | |
---|---|---|
Median list price: | $439,950 | $365,000 |
Median sales price: | $439,950 | $390,000 |
Days on market: | 3 | 6 |
No. of homes sold: | 12 | 11 |
Home values are up over 12% compared to last year, and a few more homes have sold–I think some sellers/buyers are getting used to the fact that interest rates are not going to fall dramatically and they are now ready to move forward with moving plans. In Armour Hills, new listings do not stay on the market over a week; there are no active listings as of this writing.
(All stats taken from Heartland MLS; deemed reliable but not guaranteed.)