The market has finally turned!
What led to the recovery:
(1) Interest rates have remained at ridiculous lows (apprx 3.25% at the time of writing)
(2) Rents have gone up making owning more affordable than renting
(3) First time home buyers have re-entered the market in increasing numbers
(4) All this led to an increase in demand and therefore, a shortage of supply
(5) Driving prices up and leading in 2012 to an APPRECIATION of home values
In our neighborhood, 18 homes sold with an average of 75 days market time and an average sale price of $202,122.
I divide these homes into two general categories:
(1) Distressed sales-those involving a bank to sell the home (short sales and foreclosures)
(2) Traditional sales
There were seven distressed sales with an average sale price of $164,971 and 11 "traditional" sales with an average sale price of $225,764.
1. 9926 Deerwood Ln N
2. 11700 N 98th Ave N
3. 12282 97th Ave N
4. 9964 Cottonwood Ln N
5. 9792 Ives Ln N
6. 11600 97th Ave N
7. 12169 97th Ave N
1. 9877 Deerwood Ln N
2. 11534 100th Ave N
3. 11573 100th Pl N
4. 9852 Norwood Ln N
5. 12052 99th Ave N
6. 11575 98th Ave N
7. 9805 Kirkwood Ln N
8. 11331 100th Pl N
9. 12468 99th Ave N
10. 12344 99th Ave N
11. 9843 Kirkwood Ln N
Our neighborhood offers easy access to 610, 169 and 94 and the park reserve is unbeatable! I see the recovery continuing through 2013 provided interest rates remain relatively low and unemployment doesn't rise significantly.
