Time to check home sales stats for July in the Brookside subdivision of Armour Hills. There was a drop in the median sales price … read on for my reasoning as to why that happened. No need to panic fellow Armour Hills neighbors! Let’s look at the specific statistics:
In July 2014, seven homes sold with a median sales price of $195,000 and 129 days on market. The highest sale (the highest for this year so far) was $440,000. With four of the seven homes sold below $200K, the average price drops way down. This is unusual for our area–the median price is usually between $230-$260K most months.
In July 2013, nine homes sold with a median sales price of $290,000 and 20 days on market. The highest sales price that month was $410,000.
Now let’s compare year-to-date figures:
For the first seven months of 2014, 41 homes sold with a median price of $234,000 and 64 days on market.
For the first seven months of 2013, 49 homes sold with a median price of $250,000 and 66 days on the market.
We are falling behind in the number of homes sold this year compared to last, and prices are dropping. As has been the pattern this year, there is a lack of well priced, updated homes in Armour Hills–those sell the fastest. When homes sit for a long time, the price continues to drop until a buyer feels the house is priced correctly and makes an offer. I think prices will edge back up as we head towards the end of the year.
Currently there are 17 homes for sale in Armour Hills, with the lowest list price at $175K and the highest at $315K.
(All stats taken from Heartland MLS; deemed reliable but not guaranteed)