Examining the Armour Hills home sales report for last month, I see a little glitch–a much lower average sales price than we’ve been experiencing recently. Let’s look at the details:
In April 2013, four homes sold. Average list price was $202,488 and average sales price was $207,643. Average days on market was 69 days.
In April 2012, six homes sold at an average price of $227,275 and 40 days on the market.
What happened? Why the big drop in average sales price? Why was the average list price lower than the average sales price? Here’s my theory: one foreclosure sold last month, and the list price was $66,000. I think there was a bidding war for the house, so the price was pushed up to $115,000. Because just four homes sold, this one deal really affected the stats for the month.
Now let’s compare to year-to-date figures:
In 2013, sixteen homes have sold (January through April) at an average price of $244,442 and 103 days on market.
In 2012, thirteen homes sold the first four months of the year at an average price of $208,765 and 56 days on market.
More homes are selling this year over last. Overall, average prices are up and will continue to rise as inventory is low, pushing prices higher. This year, the overall days on market is longer than last year, but I think that will balance out as we continue to experience strong sales in the busy spring buying season. Already this year, several homes have been flipped by rehabbers, sending prices higher. As of this writing, there are 18 homes for sale in Armour Hills, at an average price of $267,300.
(All figures taken from Heartland MLS and deemed reliable but not guaranteed).