Bradburn Village continues to grow, between new nearby businesses opening like
Zoe's Kitchen and
Chuck and Don's Pet Food, and Century Communities Bradburn East single family homes at the corner of 120th Avenue and Lowell Boulevard.
2016 saw the typical slower start with busy spring and summer seasons. Sales were still going strong into the fourth quarter, echoing the continuing narrative from surrounding areas - high buyer demand, low inventory. Total yearly sales made 2016 the third highest in 9 years.
Whether selling or buying, it's important to understand how the local market is behaving. Days to offer and percentage off listing price are two characteristics that can clue you into buyer demand for particular types of housing in specific neighborhoods. Bradburn townhouses were on the market for an average of 5 days before going under contract, while detached homes were averaging 47 days (not including new construction). Rising home values have forced some new homeowners to seek out condos and townhouses rather than detached homes, driving that market faster than in decades past. Sellers have also contributed more to the buyers' closing costs in the fourth quarter than the rest of the year, which can be more common in the higher price tranches than the entry level homes. Closing cost credits should be taken into consideration when examining the percentage off listing price; credits can make the final home value appear higher than it actually is.
You can see in the chart below that, although a few sales this way or
that way can really change the $/sqft average in any quarter, the trend
lines for both attached and detached dwellings are on a healthy upward
run.
2017 is still going to be a busy seller year, but appreciation is expected to slow down a bit. The current administration recently rolled back legislation designed to help buyers qualify for FHA backed loans, and if interest rates go up it will decrease the amount of potential buyers. If you'd like a no-obligation Comparative Market Analysis for your home, don't hesitate to contact me!
I would love to help you with your real estate journey.
No comments:
Post a Comment