Lochwood Market Trends - April 2019

Market Trends

Once again, the response for assistance with information to protest your property tax assessments was quite substantial. Thank you for reaching out as it provides me with the opportunity to implement one of the core values of my real estate practice; empowerment. What that means to me is that I believe in providing people with the information and knowledge that they need in order to make the best decisions that they can for their families and the fulfillment of their home ownership goals. The last time I checked, most of us enjoy not wasting our precious time or paying too much for our taxes. I look forward to hearing back from those of you who did protest to find out if you were successful in getting your assessment lowered.

On to which homes sold in our friendly little neighborhood last month. Let’s start with the big picture. Overall, 13 home sales closed in April 2019.   

April sales - list

The first thing I notice when I compiled this list is that these listings either acquired a lot of days on market before going under contract, or they weren’t on the market for very long before going under contract.  Year-over-year, the median days on market for a listing in Lochwood is up from 11 to 16 in April 2019, which is still quite good.

DOM - May

 Another point of interest from the list of sales is that It’s pretty easy to see that the homes that sold more quickly also had a smaller variance in their list versus sold price per square foot. This reinforces the point that homes that are priced correctly still move more quickly than homes that are overpriced. Generally speaking, most of the homes in our neighborhood sell between 90 percent and 100 percent of their original list price.

Pct of Orig Price - May

 Since July of 2018, Lochwood inventory has fluctuated between 3 and 3.5 months. This is substantially higher than the amount of inventory we carried when the market was absolutely on fire and nearly everyone who sold their home received multiple offers.

Mos Supply - May

In summary, the local real estate market continued to transition toward greater balance between supply and demand in April 2019. During times of transition, it is crucial for both buyers and sellers to trust and to lean into the advice of their realtor. One of the best things about working with a realtor who really knows how to look at the market is that they’re able to analyze market trends, and compare those trends to your goals so that you can adjust as needed.

As always, I am here to answer your questions and accept referrals. In fact, referrals from folks like you are a huge compliment. Thank you in advance!

Click here to see full details for each April home sale.

See you next month!