I hope that you and your family had a wonderful holiday and New Year celebration. The beginning of a new year is always an exciting and promising time with resolutions to be honored and a trust that a new year will bring exciting new changes.
As we welcome 2012, I thought that researching ARCN’s previous year end real estate statistics would be an interesting and useful tool for charting the progress of our local real estate market over the course of the last 5 years. The statistics* that I have tracked are for single family homes in ARC North only and do not include properties in the Cascades or Canyon Falls Village from January 2007 to the last day of 2011.
Click for ARCN 2011 Sales Stats
2007
TOTAL HOMES SOLD: 34
Average Market Time: 69 days
Average List Price: $716,951
Average Sold Price: $682,897
Sold Price Average $ per SF: $221.86
Short Sale Properties: 1 (2% of total sales)
Bank Owned Properties: 0 (0% of total sales)
Non Distressed/Equity Sales 33 (97% of total sales)
2008
TOTAL HOMES SOLD 30
Average Market Time: 89 days
Average List Price: $715,463
Average Sold Price: $684,914
Sold Price Average $ per SF: $187.01
Short Sale Properties: 4 (13% of total sales)
Bank Owned Properties: 13 (43% of total sales)
Non Distressed/Equity Sales 13 (43% of total sales)
2009
TOTAL HOMES SOLD 22
Average Market Time: 75 days
Average List Price: $598,184
Average Sold Price: $578,696
Sold Price Average $ per SF: $162.55
Short Sale Properties: 4 (18% of total sales)
Bank Owned Properties: 8 (36% of total sales)
Non Distressed/Equity Sales: 10 (45% of total sales)
2010
TOTAL HOMES SOLD: 32
Average Market Time: 68 days
Average List Price: $576,334
Average Sold Price: $565,218
Sold Price Average $ per SF: $163.95
Short Sale Properties: 5 (15% of total sales)
Bank Owned Properties: 9 (28% of total sales)
Non Distressed/Equity Sales: 18 (56% of total sales)
2011
TOTAL HOMES SOLD: 29
Average Market Time: 93 days
Average List Price: $582,186
Average Sold Price: $560,190
Sold Price Average $ per SF: $158.55
Short Sale Properties: 12 (41% of total sales)
Bank Owned Properties 4 (13% of total sales)
Non Distressed/Equity Sales 13 (44% of total sales)
*Source: Metrolist MLS Data
Despite national news that the overall number of home sales continues to decline, ARC North has maintained an average of approximately 30 homes sold in each of the last five years, and 2011 was no exception with 29 homes sold. This represents only a 15% total reduction in sold homes since the high of 34 sold homes in 2007.
At the start of 2011 there was concern about bank owned properties flooding our market with reports that banks were going to be marketing thousands of homes causing home values to drop substantially. Thankfully, this prediction never came true, in fact the just the opposite, there were 50% fewer bank owned properties in the neighborhood in the last year.
Banks have realized that a short sale, in most cases, will ultimately end up costing them less than a foreclosure. Therefore, many of the major home lenders have revamped their short sale procedures in order to speed up the process which has lead to a greater number of short sale transactions successfully closing escrow. Last year almost half of the ARCN sales were short sales with a huge reduction in the number of bank owned sales. The rise in short sales may also account for the increase in marketing time to from 68 days to 93 days average - just slightly over 3 months.
Although the overall real estate market started it’s downturn in 2005, the ARC North market was still active with sales prices being only slightly affected through 2007. ARC North home values took their largest drop of approximately $100,000 from 2007 to 2009. From 2009 to the end of 2011, home values have declined less dramatically with only an $18,500 change in average sales price.
What do all of these statistics tell us? If you were considering selling in 2012, it’s good news...American River Canyon North homes are selling! In my 18 years of experience the sellers who obtain the best price and receive an acceptable offer in the least amount of time are the sellers who have maintained their home, updated it (if necessary), staged the home for market, priced it properly, and listed with experienced real estate professional who will provide knowledgeable guidance through each of these items.
Visit my website www.RobinKaplan.com to follow my ARCN/Folsom Blog, updated seller and buyer information, property searches (plus a mobile app), mortgage calculators and much, much more!
Great report! It looks like you guys actually did pretty well, and if you have good realtors that know what they're doing, that seems to be the case ;)
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