As an Armour Hills resident, I don’t like to see home values decreasing…unfortunately, that’s what these statistics show. However, a new listing across the street from me that needs a total rehab, received a contract in just over a week. Armour Hills is still a desirable neighborhood and I hope to see home values on the rise as we go through 2012.
Below are home sales stats for Armour Hills in 2011, and stats for 2010 for comparison:
In 2011, 58 homes sold in Armour Hills. The average list price was $220,044; average sales price was $211,611. Average days on market: 119. Lowest sales price was $98,000; highest was $350,000.
In 2010, 57 homes sold in Armour Hills. The average list price was $218,418; average sales price was $213,517. Average days on market: 88. Lowest sales price was $90,000; highest was $350,000.
(All figures taken from Heartland MLS; deemed reliable but not guaranteed.)
Commentary: short sales and foreclosures bring average sales prices down; also homes that have a sales price too high for the current market–they take too long to sell and bring up the average days on market. Many Armour Hills homes have quirky floor plans, they aren’t updated or well maintained–these are the homes that just sit on the market as buyers are very choosy these days. Also keep in mind that in 2010, there was an $8000 tax incentive for buyers–that incentive not available in 2011.
As we head into the busy Spring buying and selling season, we may see sales prices on the rise. Hopefully as the economy gets better, more buyers will enter the market. In our office, we’ve seen a big jump in sales since the first of the year–positive news!