Have we reached our real estate day of reckoning or is Armagedon upon us? Experts all over the country have posted different views about this subject. As specialist in real estate sales in Forest Ridge my job is to analyze sales so I can accurately guage the value range of homes in this communty. This is a general market anlaysis, using statistics from the Multiple Listing Service from the last 90 days (January 1, 2010 – March 25, 2010).
Out of the 27 properties that are currently active, pending or sold during this time frame, the highest listing price is $599,900 and the highest selling price is $480,000. The average list price is $395,622 and the average sale price is $284,900. Taking into account that these properties range in size from 3,140 sq. ft. of living space to 1,318 sq. ft. of living space the average price per sq. ft. is $167.00 for listed properties and $150.00 per sq. ft. for sold properties, with the highest being $176 per sq. ft. and the lowest being $119.00 per sq. ft.
Most recently the home at 3091 Perriwinkle Dr. sold for $283,000. This was an arms length transaction, not a short sale or a bank owned property. It had approximately 2000 sq. ft. of living space, three bedrooms, 2 baths situated on a 8,250 sq. ft. lot. It needed TLC according to the MLS. The price per sq. ft. was approximately $143.00. In Chapel Hill, 2982 Myrtle Oak Circle, a sale took place on March 17, 2010. It was a bank owned property and it sold for $210,000. The house had 1,318 sq. ft. of living space, 3 bedrooms, 2 baths and was located on a 4,775 sq. ft. lot (zero lot line). The price per sq. ft. was approximately $159.00.
For the past two months, the average sales price in Broward County for single family homes has been $263,000. Forest Ridge sales are above average at $284,900.
If you are tossing around the idea of selling your home now or waiting for a better market you should read an interesting blog written by Steve Harney, one of America’s foremost experts in real estate. Steve tell us an interesting story in the article 5 Good Reasons to Sell Your House Now. Steve says there is “no good news or bad news, there is just news!”