This is where you check back and see what the market trends are in YOUR neighborhood. Each week, I’ll highlight a new neighborhood, or update the stats on one we’ve already visited. Don’t see your neighborhood here??? Just shoot me a message below and let me know where in the world you live, work, and play. We’ll add it!
I’m going to start with one of my favorite neighborhoods. Yes, I grew up there, and right now, I’m wanting to get back to it.
The corner of Winter Park Rd. and Corrine Dr. has gotten VERY interesting as of late. There’s always my favorite go to Emo bar, Stardust Video and Coffee, where the service is hit or miss, but the crowd is chill, the food is solid and the crafted cocktails are usually quite delish. Park Ave. CD remains a fixture, selling more vinyl and hosting touring bands than selling CDs. If it is a spectacle you seek, the entertainment is live at Big Daddy’s with karaoke always fresh on tap. The new kid on the block is the well publicized, beautiful, local support inspiring, small town nod to big city culture-East End Market. No, you haven’t teleported to Vancouver or Portland. We’ve needed you East End, for a long time, thanks for coming to the party.
Here are the most current statistics for Audubon Park:
There were a total of 23 sales in the past 12 months with the median sales prices being inconsistent. The prior 7-12 months reflect a median sales price of $172,950, the prior 4-6 months reflects a dramatic improvement with a median sales price of $230,000, and the most current 90 days has a fallen median sales price of $163,500. Median list prices have steadily increased, however as January 2013, 12 months ago, reflects a median sales price of $175,000 and it is currently sitting at $269,950. The inventory is low, with only 6 properties available in the neighborhood to meet the demand of between 4-7 sales per 90 day cycle. The median days on the market is increasing, having been 25 days in the prior 7-12 months, 9 days within the prior 4-6 months and is now 53 during the most recent 90 days. The current list/sales price ratio is 98%.
What does all of this mean?
It is hard to say why there has been a slow in activity in this market and why median sales prices have dropped so dramatically, but we must consider that the holidays likely influence these trends when looking at the most recent 90 days. It would not seem that realtors are getting the hint when listing new properties as the list prices do not appear to be supported by sales trends, and marketing time is increasing, likely indicating that buyers are not accepting of the higher asking prices. Having list prices in the mid 200’s and median sales prices at 163k, could result in appraisal issues for those properties under contract that require financing. A list/sales price ratio of 98% likely means that sales are negotiated without the threat of bidding wars, and contract prices may or may not include concessions paid by the seller.
Reading the signs, I’d say it may not be a good time to try to sell your home in this market, but buyers may want to try to take advantage of this slump in the coming 30-90 days, when the higher priced listings are becoming stale.
Drive the neighborhood and see for yourself what this lovely, mid-century neighborhood has to offer. You don’t have to live there to play there and keep an eye out for Adam and I enjoying a cheese plate, lovingly prepared by Le Femme du Fromage or chatting it up with the friendly purveyors at Porch Therapy in the East End Market.
Next time on Neighborhood Update: Delaney Park.
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