Kenton here again, thought I would take time to post the activity among homes here in the Irving Las Colinas area. I have found there are just those certain questions that always seem to get asked whether discussing buying or selling of a home. Today's post will address the 3 most common questions asked when discussing real estate or first encounters with local people who find out I am a Realtor.
But first let us look at the statistics on Irving Las Colinas.....
As of the first of September there are currently 226 homes for sale in the Las Colinas area of Irving. Prices of these homes are reflected from a 1,724sq/ft 3bed 2 bath for $57,000 too a lavish 6,478 3bed 4bath for $2,495,000 with everything in between.
As of August the first 68 homes have been sold or are under contract to be purchased. Once again these homes range from $44,000 to $630,000.
Taking the sold homes under consideration we can break down the numbers and get a feel of the past months trends. The following numbers are averages based on entire homes that have sold.
Square footage of homes sold: 2,457 sq ft
build date of homes sold: 1977
Cumulative Days On Market (CDOM) : 113
Average price per sq ft: $77.02
Average price of sell : $210,683
Now with a little better understanding of the make up of for sale and sold properties let us now address those oh so common questions (which I never mind and are always welcome)
Question number one and most frequently asked:
"so, what are homes going for around here these days?"
Looking back up the data you will notice I did not included data from homes one the market for sale to determine prices of an area. This is because ANYONE can ask ANY Price for a home, doesnt mean it will sell for that price or at all. Another way put, say I have my 2001 F-150 with 150,000 miles for sale nothing special (to anyone but me that is). Anyway I want to sell it for say $60,000, as you can imagine no one is going to pay that price for it so it will never sell. Also not only will not sell it will give an inflated price to those others selling at around $8,000. To get true value of an area we must try to determine what actual people are actually paying for a close or similar product. Back to the task at hand, going by the data we can tell the average sells price for a home is $210,683. Does this mean its what every home or even most homes are going for? No, of course not so what I do is give those that ask this question the average price per square foot, which would be the $77.02 /sq ft...
Question number two
"how is the housing market, are homes selling right now"
This is a fairly easy question and always seem to get mixed opinions as what people consider either good or bad. Going by the data again and from August first 68 homes have or are going to be sold until today, giving us a total of almost 2 homes sold per day. (68/40=1.70 homes sold per day) While some say that they figured it would be more or less ect. ect., remember that is only in Irving Las Colinas. Factor in the rest of Irving, other parts of the DFW, rest of Texas ect. ect. we can conclude the market is still alive and doing relatively well.
Question number 3
"How long are homes staying on the market before they sell"
On average I tell people expect 3-6 months or 90-180 days to sell. As we can see by the data homes are only staying on the market around 113 days falling nicely between the 3-6 months time around 4 months.
Hope this has been helpful,
Until next post
KB
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