2016 was another great year in real estate for the D/FW area, but how did our Estates of Forest Creek (EFC) community perform?
As of the beginning of December, nineteen (19) homes have sold in our neighborhood with an average of $127.23 s/f, and they were sold on the average within 29 days. The list price/sales price ratio was 98.66%, so most of them sold close to list price. The average sales price overall was $483,750. This included ALL homes, including one-stories, two stories, pools/no pools, updated and not updated. This is approximately 12% higher than 2015! The catch is, you will be paying more for the house you buy as well.
If you sold a one-story, you did better! There were 4 one-stories that sold so far in 2016 with the average price per/sf at $146.36. These sold faster, with the average days on market at 12 days. The list price/sales price ratio is $100.28%, which means these homes sold for over list price. The average price of a one-story sold was $467,980.
Low supply of lower-priced homes $350K and under has made it difficult for buyers to get their offers accepted. This continues to raise the price-points of less expensive housing. We are seeing the market “balancing” itself out on higher-priced homes as there is more inventory of these homes. While many businesses are moving to our area driving demand, we are still seeing price reductions in higher priced homes and longer time on the market.
The best thing we all can do is maintain our homes! When something breaks, fix it. Update a little every year. You will get the biggest return on investment by updating your kitchen and your master bath. Update hardware, get rid of the brass and builder fans. Thoughtfully replace your flooring. Wander through model homes and get an idea of what people are looking for.
Remember, when you decide to sell your home, the condition of your home will determine the price you’ll get for it. The market determines the price you ultimately receive.
Best of luck and here’s to another great year!
by Jeanne Gary – Keller Williams Plano