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| Homes Sold on the Hill in 2012 |
While the number of homes sold remained steady compared with 2011 (27 versus 26), they sold for much higher prices. Average days on the market decreased from 135 to 104, with more closings in July than any other month.
The median home sales price increased from just under $600,000 in 2011 to $782,000 in 2012. And the median price per square foot increased from $243 to $280. Homes also sold for closer to listing price, with the average discount decreasing from 4.8% to 3.2%.
The most movement was seen in the $700,000 to $1 million price range where 16 homes sold in 2012, up from 6 the previous year. On the lower end, the number of homes sold for less than $600,000 was almost halved in 2012 from 15 to 7. Lot size continues to have a significant impact on sales price. Only two homes sold for less than $400,000 last year, and both were on tiny parcels of less than 3,300 square feet.
University Hill's rental market is also strong with high rents and low vacancy. As prices increase, however, single-family homes become less attractive to investors. Demand is high for duplexes and other multi-family buildings, as well as houses with zoning that allows for higher occupancy.
Increased optimism, higher rents and continuing low mortgage interest rates have combined to create a bigger pool of would-be buyers. However, these buyers continue to be disappointed by the lack of homes available. Throughout the recession, would-be sellers put off listing their homes for sale -- now that prices are on the rise, let's hope that 2013 will be the year that this "pent-up supply" will be released.
I predict that 2013 will bring brisker sales volume and moderate increases in price. Spring tends to be the busiest season for new listings. Why not get a jump on other home sellers by listing now?
For a no-obligation analysis of what your home is worth or for a customized home search, please feel free to contact me at (303) 473-2773 or monique @ moniquecole.com.
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