January 2016 Covering 2015 Annual Results
Great news, the Legends of Settendown Creek (Legends) analysis shows all the best trends for a strong real estate market! The Legends reflects what I see in the broader Forsyth County market and is good news for all of us blessed with living in such a neighborhood. As of January 14, 2016 there are 13 houses for sale, 3 of which are Pending. Some additional statistics of interest regarding homes currently for sale in the Legends:
3 of the 13 homes for sale are lots with homes to be built. Their prices include pre-specified house plans which accounts for their average list price of $609,567 and total days on market average at 526 days. Seems that buyers in the Legends price bracket are more interested in existing homes than building something chosen by a builder.
The other 10 existing homes have an average list price of $669,960 and total days on market average at 134 days. This includes two seeming anomalies at 511 and 288 days.
Pardon the bragging, but one of the pending houses is listed by me and was under contract with multiple offers in 12 days in the supposed slow days of December.
Check out the charts below to see that in 2015 the Legends:
Saw 7 homes sold in 2015, one less than in 2014, but the same as in 2011 and 2013.
Average home sale prices have increased strongly every year since 2012. The average home price in 2015 is up 25.8% overall since 2011!
Sale price to List price ratio has increased to 96.9% in 2015 from a low of 76.7% in the darker days of 2010! This reflects a more realistic set of price expectations as well as a stronger home sales market.
Average total days that existing houses are on the market before selling has dropped precipitously from a high of 319 days in 2012 to only 66 days in 2015. This is one number we’re all happy to see fall dramatically! (Note: This number is calculated removing a lot sales such as the one that had been on the market for 588 days which sold in 2015.)
What does it actually mean?
Just because the average home price in the Legends in 2015 is 25.8% higher than in 2011 doesn’t mean your house has appreciated that much in the same time period. It does mean that the market has recovered well enough that higher priced homes are in demand. This analysis is borne out by the fact that more houses are selling, they sold at an average of 96.9% of list price in 2015 and selling faster! Let’s talk about how you can make this work for you!
Click any chart to enlarge.
As I’ve mentioned in my market updates of the Forsyth County / Cumming, GA area, there is still a big mismatch between the low number of houses for sale (low inventory) and the large number of buyers looking for new homes. This data is born out by the area market data and in our own experience at Bill Brown Real Estate where we are seeing our listings moving quickly. See an example here that went in 12 days this past December! If you were wondering how much your neighbors enjoy living in the Legends, consider that given the number of sales since 2010, only 6.5 houses are sold on average in the Legends each year. This “turnover” rate means that the average Legends resident stays here for 22 years! The Legends is a great place to live and I hope to be here for many years to come, but if for some reason you’ve been contemplating a move, now is a great time to take advantage of the real estate recovery. Contact me and let’s sit down and discuss your needs and how my unique marketing approach and boutique service can be put to work for you!
Legends Homes for Sale
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* Data obtained from First MLS.