Journeys End market activity...and some other stats

Only 2 reported sales the past 30 days....

1. 6946 Houlton...Kensington, Short Sale: $310k
2. 6995 Houlton...Buckingham, Short Sale: $299k

Here is what is currently 'under contract'...3 homes currently...some have been under contract for a long time as they are short sales, and these negitiations can take anywhere from 60 days to over a year in some cases!

1. A Laredo on C Durham...Short Sale, has been under contract since Dec. 9th, 2009
2. A Kensington on Houlton...Short Sale...went under contract for the 4th time on April 5th
3. A Pecos on C Durham...not a short sale or bank owned...went under contract on April 30th

There are 19 homes currently on the market.
7 Short Sales
1 bank Owned
11 traditional sales

Looking at the sales figures for the previous 12 months - 24 total sales. If we were to apply this rate of sales to the current 'for sale' inventory, we arrive at an absorbtion rate of 9.5 months to liquidate the current inventory on the market in Journeys End.

Thanks again for taking the time to read our blog. If there is a subject you would like us to post on, please send us an email.

Steve and Jackie Jackson

Recent market activity update

There are currently 12 homes on the market in Journeys End.

Asking prices range from $264,000 to $450,000.

3 of the 12 are being marketed as short sale...with maybe 4 more that would be short sales if they were listed at market value.

A few of the homes have been on the market only a week or 2...but then you have 3 of them on the market 400+ days, 1 at 500+ days and one OVER 800 days on the market!!
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Under Contract Homes: currently there are 6 homes with a pending contract on them. Asking prices on the six range from $249k to $365k

4 of the 6 are short sales.
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The SOLD properties for the previous 90 days are as follows:

1. Windsor/Lake/Pool - $415,000
2. Windsor/Canal/Pool - $369,000
3. Kensington/Lake/Pool - $345,000
4. Taos - $340,000
5. Biltmore/Lake/Pool - $335,000
6. Santa Fe - $327,500
7. Santa Fe- $325,000
8. Santa Fe/Lake/Pool - $300,000

Journeys End homes currently under contract...a very informative breakdown

There are currently 8 Journeys End homes under contract...which is good news.

But...look at the map graphic below for "the rest of the story"

There are only three homes (of 8 total) that are NOT Short Sales

This does not bode well for property values going forward as short sales typically sell at a discount to non short sales. And with the ratio being 5 "under contract" homes being short sales and only 3 being non short sales, this could cause an appriasal problem with sales later this year...this is an excellent graphic backing up the advice that I have been giving to sellers/potential sellers in Journeys End lately: the window of opportunity is small, try to get on the market, under contract, and sold in the next 3-5 months.

Thanks for reading,

Steve Jackson