To summarize activity in the last month, local real estate agents have 11 homes listed for sale in Lords Point as of July 3rd. This is 2 more than the 9 that were actively listed on June 1st. Of the 11 homes, 8 were also actively listed a month ago on June 1st. 5 of them were also on the market 3 months ago on April 3rd as well. In addition, 1 sales transaction closed and 1 home went under deposit in June. Finally, local real estate agents added 3 new listings to the CTMLS for Lords Point last month.
The 11 actively listed homes ranged in listing price between $295,000 and almost $700,000. The average list price was almost $490,000 and the median just under $500,000. In addition, the homes ranged broadly in size from just under 800 to 3750 square feet. The average living area was almost 1750 square feet but the median size was under 1600 square feet. The homes included between 2 and 4 bedrooms with the average at 3.1 bedrooms. Also, they offered between 1 and 3 full bathrooms with a 1.8 average. Finally, 3 (~27%) of them offered 1 or 2 half-bathrooms as well.
To complete the review of active listings, the chart below provides some additional detail. It shows the count of homes listed by number of bedrooms and range of living area size. In addition, it displays the corresponding average listing price for each combination of factors.
There was one home under deposit as of July 3rd. This home offered 2 bedrooms and 1 full bathroom in 750 square feet of living area. The list price was a bit over $300,000 and its corresponding listing was active for a little over a month.
There was a closing for one home in June as well. This home included 2 bedrooms and 2.5 bathrooms with a little over 1550 square feet of living area. Its closing price was $525,000 and its corresponding listing was active for a little under two months.
The following chart summarizes the market activity in Lords Point for the preceding 12 months. It shows the number of listings active at the beginning of each month. It also shows the number of homes under deposit at the beginning of each month. Finally, it shows the number of closings which occurred the preceding month.
Next, the chart below shows the number of closings which have occurred per quarter since the start of 2012. Although there has been only one completed sale in 2017, this chart suggests that much activity occurs in the 2nd half of the year.
Looking into more detail at past closing data, there were 6 closings in 2016 for homes in Lords Point. The closing prices for these homes were between $300,000 and $775,000 with the average close to $510,000. These homes all offered either 3 or 4 bedrooms and had between 1 and 3 full bathrooms. 2 of the 6 had one half-bathroom as well. The corresponding listings for these homes were active on the market for an average of 179 days. The median time these listings remained active was lower at 86 days.
For comparison, there were closing transactions for 6 homes in Lords Point for 2015 also. The closing prices ranged from almost $150,000 to a little over $1,000,000 with a little under $465,000 as the average closing price. These homes had between 2 and 4 bedrooms and between 1 and 3 full bathrooms and 3 of the 6 had at least one half-bathroom. Their corresponding listings averaged 271 days with a 199 day median.
The charts below provide some additional data on closing prices showing the average closing price per year for homes in 4 different price ranges.
We’ll continue to watch the residential property market and bring you additional observations and data in future blogs.
The trends reported above were based on data obtained from the CTMLS as of July 3rd 2017 for single family residential properties. We will post any updated information on our Lords Point Real Estate Page. If you are considering purchasing a home within Lords Point or if you would like to work with a Realtor in the area, please feel free to call us. We look forward to helping you find just the right home for you.