Price reductions

About 8 weeks ago I posted regarding the ‘optimistic’ asking prices of some homes newly on the market. Even the bank owned properties looked to be getting ahead of themselves in this regard.

Well, one of the bank owned (on Newport Village Way) has now had it’s 4th reduction. The progression goes as follows:

$348,400 (9/9/14), $331,000 (10/7/14) ,$314,500 (11/18/14), $298,000 (today)

 

Also, 3 other homes have price reductions this past week:

1. Venice, bank owned, started at $329,000…now at $288,000
2. Cairo in Oakmont, started 40 days ago at $304,900in now $299,900
3. Paris in  Sand Hills, now on their 3rd agent, started at $435,000 in July just reduced to $383,000

As of today there are 40 homes for sale in Winston Trails. We have not been at the 40 home mark in 19 months.

So far this month, November (28 days in), there AGAIN has been only 3 homes go under contract. That translates to 13 months of inventory at the current rate of sales! A 5 month inventory is generally considered balanced, under 5 is a sellers market and over 5 is a buyers market where buyers have the negotiating leverage.

Of the 3 homes that went under contract this month…one is a short sale that will take months to get a bank approval from (if it doesn’t go to foreclosure sale first), the second is an investor ‘flip’ (purchased at the courthouse) that was fully rehabbed, the 3rd is a home in Las Colinas that was originally listed at $379,000 back in September but was listed at $329,000 when it went under contract this week.

I will keep a close eye on the recent trends for you.

Thanks again for reading,

Steve Jackson…561.602.1258

Please call me if you’re considering selling your Winston Trails home…even if you know you are going to hire your sister-in-law or  your bosses wife. I will give you the straight and honest analysis you need to make an informed decision.

Having sold over 450 Winston Trails homes…we have a Tradition of Results.