The home sales stats for Armour Hills last month reflect how much the housing market has changed in just one year. Remember, one year ago, interest rates were around 3% and sales were soaring! Let’s take a look at the numbers for this 900+home Brookside subdivision:
| January 2023 | january 2022 | |
|---|---|---|
| Median list price: | $349,900 | $450,000 |
| Median sales price: | $351,400 | $475,000 |
| Days on market: | 92 | 3 |
| Number of homes sold: | 3 | 3 |
The median sales price dropped by 35% compared to one year ago! However, note that these stats reflect just three homes that closed. It’s worth looking at a few details, too. Just one home closed last month over the list price; the other two listings lingered on the market for several weeks as the list price dropped. The highest sold price was $565K, originally listed at $680K! The lowest closed price was $270,000.
Currently there are four listings for sale in Armour Hills, ranging in price from $335,000 to $715,000. The house priced at $715K (originally listed at $735K) was purchased in summer 2021 for about $50K over the list price (which was $649K)–so probably a bidding war. Now the price is $715K, less than two years later–and the market is very different now as interest rates doubled. There are still properties that command multiple offers–when they are priced at market value. It will be interesting to see what this property sells for.
(All stats taken from Heartland MLS; deemed reliable but not guaranteed.)
Inside Brookside (And Waldo) 