Armour Hills Home Prices Drop in 2014

Overall, Brookside home values were up for the year 2014. However, in Armour Hills, we experienced a drop in home prices.  This is unusual, as we finished 2013 up about 15%  from 2012.   Let’s take a look at the numbers, starting with December:

In December 2014, 9  homes sold.  The median list price was $239,900 and the median sales price was $236,000.  Average days on market: 55.

In December 2013, 7  homes sold.  The median list price was $229,000 and the median sales price was $224,900.  Average days on market: 20.

Here are the Armour Hills home sales stats, comparing 2013 to 2014:

In 2013, 82 homes sold with a median sales price of $249,000 and 20 days on market.

In 2014, 70 homes sold with a median sales price of $236,000 and 31 days on market.

Those figures represent a  drop of just over 5% in sales price.  Why?  In 2013, 22 homes sold at a price of $300K or higher, and 12 sold under $200K.  In 2014, we had just 15 homes sell over that $300K figure and 17 sell at $200K or less.  Overall, for sale homes were priced less and sold for less than the previous year.  I’m not concerned about the difference–Armour Hills is still a desirable area for homeowners and when homes are well maintained and updated, buyers will pay more.  For our zip code of 64113, there was an increase in prices of 3.72% from 2013 to 2014.

Currently there are 11 homes for sale in Armour Hills, with a median price of $269,900 and 85 days on market. Hopefully we will experience a rise in 2015 in Armour Hills home values. 

(All figures taken from Heartland MLS and deemed reliable but not guaranteed.)

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