All year I have monitored Armour Hills (in Brookside) home sales stats …and I knew the overall rise in prices would be around 10%. Now that the data is in MLS, I am happy to report I was wrong. Average home prices went up way over 10%! I will examine these year end numbers after we review December figures.
In December 2013, 7 homes sold. The average list price was $231,686 and the average sales price was $225,343. Average days on market: 82.
In December 2012, 6 homes sold. The average list price was $241,933 and the average sales price was $231,233. Average days on market: 62.
There was a drop in December average sales price compared to the previous year, and homes ‘sat’ on the market a bit longer. This is because there are fewer buyers at the end of the year, and some of the homes on the market took longer to sell due to condition, price, location.
Here are the Armour Hills home sales stats, comparing 2012 to 2013:
In 2013, 82 homes sold with an average sales price of $262,462 and 59 days on market.
In 2012, 78 homes sold with an average sales price of $219,338 and 83 days on market.
Those figures represent a 17.8% increase in the average Armour Hills home sales price, and homes sold 30% faster than in 2012. I also checked the average price difference from 2011-2012: there was a 3.4% increase in average sold prices. Our average home price has tripled in one year!
Why the huge jump? There were several home sales in our neighborhood that sold for over $300,000 and a few over $400,000. The most expensive sale was $410,000. The lowest sale was located on E Dartmouth, listed at $66,000 and sold for $115,000 (bidding war!); then flipped and sold a few months later for $303,500.
FInally, Armour Hills beat the average Brookside home price increase (based on homes in the 64113 zip code). Sold single family homes in 64113 increased 9% over 2012. I will publish details on overall Brookside home sales in the next blog.
If you are an Armour Hills homeowner–keeping your property well maintained and updated pays off, especially if you plan to sell your home!
(All figures taken from Heartland MLS and deemed reliable but not guaranteed.)