The expected sales lull that typically starts in early November and lasts through the Winter held true for this quarter (January-March). There were a total of 40 sales (10 condo, 10 TH, 20 detached) which is surprisingly the same total number as the previous quarter (12 condos, 4 THs, 24 detached). Interestingly, there were 10 TH sales, more than any quarter for all of 2014. Other than that, it was fairly quiet. The most noticeable result was the healthy sold prices vs. tax assessments, especially for detached houses. There were no distressed sales (foreclosure, Short Sale). We don’t expect any going forward.
The Spring Market is just about to start and should be in full swing by late April. As of early April, there were 28 listings (16 condo, 1 TH, 12 detached). While it’s hard to predict if sales for April-June will mirror the past few years (60 total), upcoming listings will get a lot of interest with multiple offers (i.e. sales above list price) and few Days on Market. Based on the sale of a recent detached home (our buyers lost out), there’s a lot of pent up demand out there now.
NOTE: Below #s are averaged. 2014 Tax Assessed Values (TAV) were used given most sales occurred before 2015 TAVs were publicly available.
*Days on Market: 66……Very slow (drops to 35 days removing a listing in The Byron, 336 days)
*Sold Price: $443,800; a healthy 12% above TAV; nearly the same as Q4 2014 (13%)
*Seller Subsidy: Only 20% had SS ($80); essentially a non-factor
*Price Difference: $6,388 (Sold Price minus List Price); much higher than Q4
*Days on Market: 28-32
*Sold Price: $739,000; 9% above TAV; both similar to Q4 2014
*Seller Subsidy: 20% had SS ($540); which is very low
*Price Difference: $8930…a bit higher than Q4
*Days on Market: 47-62….almost the same as Q4 2014
*Sold Price: $879,150; 14% above TAV……Exactly the same % as Q4
*Seller Subsidy: 40% had SS ($3,675)
*Price Difference: $14,525…..lower than the previous quarter
Rental Market Summary Q1 2015: The rental market was a bit stronger than October-December but still in-line with the Winter slow down. The total # of available properties on any given day during the quarter was between 10-12. Here’s what rented.
*23 Rentals (11 condos, 3 THs, 9 detached)
*Days on Market: 53 condo; 16 TH, 83 detached
*Price Ranges/Per month: Condo: $1350-3400; TH: $2700-3200; Detached: $2650-3950
The Days on Market were quite high for this quarter and Q4 2014. Like sales, the rental market is slower in Winter. So you would expect that a slower cycle might mean lower rented prices but surprisingly that was not the case. In fact there were very few price reductions and all were for nominal amounts. A condo in The Spectrum took 154 days to rent and 2 houses (Broadmont and Offutt Village) took 136 and 206 respectively. Yet all got list price. For some reason, time was not a penalizing factor. However that’s an anomaly. A high number of Days on Market is never good.
As of early April, there were 12 Active rentals (6 condos, 4 TH, 2 detached). A few have been for rent over 80 days so clearly things remain slow. As noted last time, listings in Roosevelt Towers (we called them “permanent rentals”) are no longer shown in MLS.
NOTE: Not all rentals are in MLS. Some are done privately or via Craig’s List, Military by Owner, etc. So these numbers are not complete. Howev