Welcome back to our regular neighborhood update post where we give you an insiders look into the market trends in YOUR neighborhood.
Below are some longer term statistics that run from 2009 to March of this year. I like to look at both the big picture and a more specific data whenever I am analyzing trends. The chart below is based on the entire zipcode of 32806 and reflects two dips during 2009 and again 2010 when inventory was likely on the rise. The spike in the number of home sales at the end of 2011 may indicate that the market had attracted investors.
Here are the most current statistics for the SoDo neighborhood specifically:
There were a total of 57 sales in the past 3 months with the median sales prices increasing from $192,000 to $215,000. Median list prices have dramatically increased over the year, however so too has the median comparable sales days on market. The current list/sales price ratio is 96% and there is a 6.84 month housing supply for single family homes.
What does all of this mean?
Patience is a virtue. With longer than typical marketing periods, you can feel free to ask more for your home and likely get it. Should you wish to sell in a shorter period of time, say in under 90 days, it may be wise to price your home below the median listing price for the area.
If you’d like to see the market trends for another Central Florida neighborhood, click below or send me a message to let me know where in the world you live, work, and play. We’ll add it! Next time on Neighborhood Update: Baldwin Park