This year’s fall slow down is in line with normal expectations. Unfortunately there are also higher inventory levels than normal and that is creating low absorption rates and has nudged average prices down. The silver lining for buyers is that that the average home they can afford is both newer and larger than what they could have bought a year ago.
6 homes have sold in 6 months over $500k in this area- Millhopper Forest, Woodfield, San Felasco Estates, Thornehill.
There are 44 homes for sale at the moment. They range from a 1145 sqft home asking $89,900 (a short sale) to a 4676 sqft home asking $599,900. The median size is 1895 sqft, asking $242,450.
This horse-friendly community has seen some real estate activity this year, with one sale and 3 homes for sale now. Update on home values, and market trends.
With indications that prices are stabilizing more and more owners are putting their homes on the market. This influx has outpaced the absorption by buyers and brought up the inventory levels again. In the meantime buyers have an overwhelming amount of inventory to sift through when looking for a home. When they find a home to purchase it is usually both larger and/or newer than what they were able to afford a year ago.