Real Estate Market Review -
Kokomo’s Devon Woods
By
Kokomo’s Devon Woods - Under the Looking Glass!
Before getting into the market review for Devon Woods, let me explain what a market review is and what it is not.
A market review is a general overview of real estate activity in a neighborhood. It is information about what is on the market right now. It is also about houses that have sold in the past year and those that haven’t sold.
A market review is NOT a Competitive Market Analysis (CMA), which is used to determine “just-right” pricing of a house when offering it for sale. A thorough CMA involves considerable research and numerous calculations. In addition, “just-right” pricing depends on the condition of a home and its amenities, which can be determine only by viewing the property.
Now to the market review for Devon Woods…
Homes Sold:
In the past year, five homes in Devon Woods have sold. They ranged in listing price from $152,900 to $249,900, with sold prices ranging from $140,000 to $215,000. The average number of days on the market (from listing to closing) was 219 days.
Let me “editorialize” a minute here… Of the five houses that sold, two sold in two months or less and sold for close to the original asking prices. One sold for 98% of the asking price, the other 94%. The other three houses sold for 86% of the asking price and were on the market from five months to almost a year and a half. This shows how important it is to price a house correctly from the start!
Houses For Sale:
Right now, there are two house in Devon Woods offered for sale. Both houses were listed previously without selling. One is currently priced at $134,900 with the original listing price two years ago of $169,000. The other one is priced at $177,900 with the original listing price of $185,900 a year ago.
Houses That Did Not Sell:
Five houses listed for sale in the past year “expired” with out selling during the listing period. Three of them ultimately sold during a second listing period. They are the ones I referred to above as having sold for 86% of the original asking price. The other two homes have been relisted and are the ones on the market right now (see Houses For Sale).
When you are just curious as to what homes in your neighborhood are selling for, information like this may be enough to satisfy your curiosity. But, if you are considering putting your home on the market and you are looking for a “just right” pricing evaluation, you need a thorough Competetive Market Analysis or CMA.
Do you want to sell your house? Or do you have to sell it?
Either way, I can tell you exactly what you need to do because I have more market research at my finger tips than anyone else. I’ll tell you what you need to know. Before you make your crucial decision, call me.
Betty – 765-513-0354
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2 Comments
July 6th, 2008 at 11:12 pm
Nice stats! This definitely gives a dynamic snapshot of the market.
July 7th, 2008 at 6:39 am
Thank you! Stats for just one little subdivision in our little town.