I hope your summer is off to a good start and that you made it through the storm last Sunday unharmed. I was without power and internet for a few days, but was able to get back to normal around mid-week. If you want a roofer to check out your roof for potential hail damage, or damage from falling limbs and trees, I'm happy to refer you to my roofer. He's a great guy and does solid work. Give me a call and I will share his contact information with you.
May was a good month for home sales in our neighborhood market. Overall, 9 sales closed, which is down from 15 sales in May of 2018. The list below shows all of the homes sales that closed in May.
The number of sales closed in May 2019 were down by one-third from the sales in May 2018. In addition to the 10 sales that closed, six home sales were pending, meaning they should close by the end of June. Five other homes were under contract and in the option period, awaiting appraisal or awaiting the sale of another property.
Thirty-one homes were actively being marketed for sale, which equates to four months of housing inventory for the neighborhood. In May 2018, there was a three month supply of inventory in Lochwood. Year-over-year, inventory was up by 33 percent.
The graph below shows how inventory (months supply) has increased steadily since January of 2018. A six month supply of inventory has long been considered to represent a market balanced between seller supply and buyer demand. It appears as though we are trending in that direction. We'll know more about that trend as the summer selling season comes to a close. That is when inventory typically drops off.
I know that you are concerned with rising values and how that effects your property tax liability. One item worth noting is that four of the properties listed above, previously sold within the past three years. Based on their previous and current sale prices, it appears as though sale prices are leveling off from the peak of the market. For example, 11215 Flamingo sold in May 2016 and again in May 2019 with only 14 percent appreciation over a three year period. 11636 Sahara Way sold in February 2016 and again in May 2019 with only 1.3 percent appreciation. 11306 Dalron sold in August 2017 and again in May 2019 with 6.3 percent appreciation. Lastly, 12015 Loch Ness sold twice within an 18 month period with less than one percent appreciation. If this trend continues through 2019, you should see price stabilization reflected in your 2020 assessed value from the appraisal district.
For details on any of the sales listed above, or if you or any one you know is thinking of buying or selling a home, please call me. I look forward to hearing from you, or seeing you around the neighborhood.
PS - If you see me walking around the neighborhood with this guy, Sully, please say hello. We're friendly and would love to chat.