This month when I ran my search for home sales in the neighborhood, I was shocked to see that a home on Earlywood (east of Sunland) sold for nearly $325,000. This home was fully-remodeled, with 3-bedrooms, 2-baths, and a 2-car garage in 1,420 square feet. The sale price is comparable to what a similar home on the west side of Sunland would sell for. Prior to this closing, the highest priced home east of Sunland was a 3-bedroom, 2-bath, 1-car garage home on Lippitt that sold for $265,000. One sale does not have the capability to change the whole market, but it does give flippers/investors incentive to list properties in that part of the neighborhood at a higher price. Be on the lookout for rising prices east of Sunland.
Want to know what else happened in the neighborhood last month, read on……or email me to receive a Neighborhood Report with full detail on all the sales that closed in July 2016.
The Lochwood area continued to perform at a very high level in July. Last month 12 home sales closed. The median sale price increased to $380,000, which is eight percent higher than the median sale price recorded in July 2016. Total inventory for July equalled 1.5 month supply, which is down from 2.5 months in July of last year.
Lochwood (west of Sunland)
Ten of the 12 homes that sold last month in Lochwood were located west of Sunland. The median sale price was $382,500 with 11 days on market. The highest priced sale was at 11929 Midlake. This home was quite large….3,255 square feet with four bedrooms and 3.1 baths. It was fully remodeled and sold for nearly $625,000 within four days of being listed in the MLS. At the end of July, 9 homes were pending sale and 12 more were actively being marketed for sale.
Lochwood (east of Sunland)
In addition to the sale that I cited at the beginning of this blog post, one other home, located east of Sunland, sold in July. The median sale price was $286,375 with 54 days on market. Three homes were pending sale and seven homes were actively being offered for sale.
It appears as though the summer of 2017 will go down as another strong selling season for Lochwood. As I’ve stated in the past, I anticipate that the trend of younger couples buying fully updated homes in the neighborhood will continue and investor appetite for homes that have been partially updated or those that are in original condition will remain strong as well.
As I mentioned in the opening paragraph, I am now offering a Neighborhood Update Report that shows full information on all closed sales, active and pending listings. This is a multi-page report, so I will need to send it to you via email. Contact me to let me know if you’re interested in receiving this report.
Enjoy the rest of your summer and I’ll see you back here next month!