2013 – Summarizing the Year in Beverlywood Area Real Estate –
Happy New Year! As we look back over the year 2013 in Beverlywood real estate, several observations can be made. Overall, there was a 15% decrease to in the number of single family homes sold, 190, compared to the prior year, when 205 homes sold according to the Multiple Listing Service (MLS).
“Days on Market” measures how long it takes the homeowner to go under contract with a buyer and in 2013 on average in took 57 days which was 2 weeks shorter than the 70 day average in 2012 and 79 days in 2011. The reason for the decrease can be attributed to the low inventory which causes buyers to decide more quickly than in prior years.
Price Per Square Foot places a dollar value on each square foot of “Living Space” and is found by dividing the sale price by the square footage. In 2013 the average was $496.82 per square foot which is a 12% increase when compared to 2012’s average of $438.15. If we look at just the last month of 2013, December, the average price per square foot was $559.67 so the trend is not slowing down.
Average Price is learned by taking the total sales volume and dividing it by the number of homes sold. There was a 9% increase in the average price of a single family home sold in the Beverlywood HOA and Adjacent area from $ $863,866 in 2012 to $943,118 in 2013. One more statistic of note is the Average Sold Price percentage when compared to the seller’s asking price. For example, if someone lists thier home for sale for $750,000 and it sells for $750,000 the seller received 100% of their price. In 2013, on average sellers received 99.62% of their asking price compared to 98.04% in 2012 and 96.32% in 2011. The lack of inventory causes buyers to pay asking or above asking in order to be the successful bidder.
What’s in store for 2014? Low inventory is still the name of the game. However, the economy is improving so interest rates are on the increase. 2014 looks like it will continue to be a seller’s market.