Armour Hills Home Sales Drop in June 2014

Here at the halfway mark of the year, It’s time to check the home sales stats for Armour Hills in Brookside. In June  2014, (similar to May)  we had decrease in average sales price and fewer homes are selling.  Let’s look at the specifics:

In June 2014, seven homes sold with a median sales price of $228,000 and a very short 22 days on market.  One home was listed at $168K and sold for $199K–the result of a bidding war between rehabbers I’m sure.

In June 2013,thirteen homes sold with a median sales price of $249,000 and 51 days on market.  The lowest sales price was $180,000 and the highest was $335,000.

The shorter days on market period shows us that buyers are snapping up the updated, newer listings as soon as they hit the market.  The lower average price can be explained in the lower list price of the homes for sale and falling prices for the homes that were overpriced to begin with.

Now let’s compare year-to-date figures:

For the first six months of 2014, 34 homes sold with a median price of $240,000 and 51 days on market. These are  virtually the same numbers as the first five months of the year.

For the first six months of 2013, 40 homes sold with a median price of $245,000 and 76 days on the market.

Overall, inventory has been lower than last year, reflected in the fewer number of homes sold.  The $5000 price drop in average price is not something I am concerned about. Overall, prices are rising in Armour Hills. Currently there are 14 homes for sale, with a median sales price of $235,000. The lowest price home is listed at $179,950 and the highest is $499,900.

Now that we are past the July 4 holiday, I expect  slower sales  and fewer homes  listed through the end of the year.

(All stats taken from Heartland MLS; deemed reliable but not guaranteed)

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