Editor’s Note: We are adding a monthly real estate column, written by area realtors. Our first column is by Brent Lumley, of the new Windermere office that will open soon at 315 N. 85th St. If you’d like to write future real estate columns for PhinneyWood, please email us.
What a Difference a Year Makes
A year ago today in the Phinney/Greenwood neighborhood, we had almost five months of inventory. This means that if no new homes come on the market, it would take five months to sell everything currently for sale. Today, we have just over one month of inventory. Anything under three months is considered a Seller’s market; finally some good news on the housing front.
Here are the statistics to back that up. Number of sold homes in the neighborhood in the last three months is 121, average days on market 36, average list price $469,353, sales price $464,423, currently only 21 homes for sale.
Condos: only 25 sold in the last three months, average days on the market 128 (much longer), average list price $188,861, sales price $185,024 and 13 condos for sale today. As you can see, sellers are getting 99 percent of asking price.
A survey was taken to find out what home buyers want today. Almost 60 percent said they wanted a modest floor plan ranging from 1,500 to 2,500 square feet. Builders predict that by 2015, the average size newly built home will be 2,152 square feet. (Interesting fact: in 1950 the average square feet per person in an American household was 290. Today, it is 924 square feet per person.)
The second most important item buyers wanted was organization and comfort. Here are the top 10 amenities buyers are looking for, according to the National Association of Home Builders:
• Walk-in closet in Master Bedroom
• Separate shower and tub in Master Bath
• Low E windows
• Programmable thermostat
• Linen closet
• Energy efficient appliances and lighting
• Great room
• Nine-foot+ ceilings on first floor
• Insulated front door
• Laundry room
The third item is a smaller price tag, which, of course, is pretty obvious. And the last is more improved energy efficiency. Homebuyers want to create a smaller footprint and save on energy bills.
Brent Lumley, Realtor, Windermere Real Estate