It’s time to check the home sales stats for the Armour Hills subdivision in Brookside. In May of 2014, we had a little hiccup in the overall trend of higher average prices and shorter days on market. Let’s look at the numbers:
In May 2014, nine homes sold with a median sales price of $259,000 and 88 days on market. The lowest sales price was $155,000 and the highest sales price was $354,000.
In May 2013, eleven homes sold with a median sales price of $284,000 and 53 days on market. The lowest sales price was $180,000 and the highest was $335,000.
The average sales price dropped 8.8% compared to May of last year, and it took longer for homes to sell. I believe the reason for the drop is a lack of inventory–not as many homes on the market, and the ones that are for sale may not be priced right at the start or need some updating–that factors cause homes to sit on the market longer and prices to drop.
Now we will examine year-to-date figures:
For the first five months of 2014, 27 homes sold with a median price of $240,000 and 59 days on market.
For the first five months of 2013, 27 homes sold with a median price of $213,000 and 89 days on the market.
Average home sales price is up over 12% year-to-date in Armour Hills, and average days on market is trending lower. The drop we experienced in May 2014 is a small blip–overall, Armour Hills homes have been gaining value the past several months.
At this time there are 11 homes for sale in Armour Hills, with a median sales price of $260,000. The lowest list price is $195,000 and the highest is $474,000 (!). (I will be very curious about the final sales price of that home.) Average days on market is 52.
Buyers are actively looking and ready to buy…as always, those homes that are well maintained and move in ready sell the fastest.
(All stats taken from Heartland MLS; deemed reliable but not guaranteed)