There’s something happening here
What it is ain’t exactly clear
Birchwood Farms Golf & Country Club has had 27 homes and condos sell as of 10/31/2018 this year; a 13% increase over this time last year. Interestingly, properties took longer to sell yet the gap tightened between listing prices and selling prices.
This is promising news for the Birchwood micro-market; a market that has struggled to recover from the last recession. Trouble may be on the horizon, however, as nationwide sales are at a 3-year low. Low inventory, increasing housing costs, and increasing interest rates have all been cited as reasons for the market slow down. In Birchwood, however, values are still very reasonable which may help sales continue at a steady pace. Buyers and sellers can expect, however, that market forces will eventually catch up to the micro-market.
Speaking of affordable pricing, check out one of the best values in Birchwood at only $199,000 for a 3 bedroom 2 bathroom home. Could this be the vacation home you’ve been dreaming of?
According to the National Association of Realtors® (NAR) existing home sales have fallen to a 3-year low. NAR Chief Economist Lawrence Yun attributes increasing home prices and rising interest rates as the cause for the sales decline. Meanwhile, the nationwide median existing home sales price increased to $264,800; a 4.2% increase from September 2017. Low housing supply has largely been cited as the primary cause for increasing values, but with sales volume at a 3-year low we may begin to see appreciation slow or decrease until equilibrium has been reached. If the local market follows the nationwide trend we can expect to see decreasing sales prices and longer time on the market before selling in the near future.
In the Bay Harbor Community micro-market median home sales (including condos, single family) were $515,000 as of 10/23/18; down 6% from a year ago. Properties that sold were on the market an average of 238 days. Thirty-eight residences in Bay Harbor have sold so far this year.
All data compiled from NMMLS.