Every year I post the statistics for sales of homes in our lovely neighborhood, as you know. I have run the numbers for our neighborhood and this is what we are seeing.
2014 was a good year for us, with 37 homes sold in the neighborhood, compared to 35 in 2013. However, the dollar per square foot in 2013 averaged $119 but 2014 averaged $117 per square foot. So on average we actually went down $2 per foot this year. What could account for the drop in average dollar per square foot?
Well we had some large homes sell this year, and the larger the home the lower the dollar per square foot, just based on size alone. That does skew the average. But if you look closely at the numbers, we had two homes sell for substantially below our usual price range. We had one house at 1802 West Market which was a foreclosure (and in dire need of work) which sold for $51 a square foot. In the case 206 N. Elam, the home was in need of updating and sold for $72 per square foot. Eliminating these two anomalies from our list changes our average to $120 a square foot, which is a small but still significant increase over last year.
We also have to look at the Days on Market, or how long it takes a home in Sunset Hills to sell. In 2013 we averaged 100 days on market and in 2014 we averaged 88 days on market. If we eliminate the two aforementioned homes our average does not change. Even though those two homes sold for less than the average amount, they still sold in less time than last year’s average. So not only did we see a small increase to our dollar per square foot sales price, we saw a decrease in the days on market!
This goes to show that we all made the right decision to move to Sunset Hills. The architecture, the trees, the sidewalks and the amenities, all these things add up to a great place to live. And it helps to have great neighbors as well!
Download the reports below: