Sudden Valley is a homeowner's association (HOA) community I am particularly passionate about and serve. As such, I wanted to take some time to review our community's real estate market as it was in 2016. The below graphs represent all single family home sales in 2016.
The main thing most homeowners want to know is current values and trends, so that is where I will start. In 2016, the below chart represents the median home values in Sudden Valley:
The median is the middle value of all values, NOT the average. Using the median tends to give a better representation of the market as the numbers aren't as skewed by the occasional anomaly (exceptionally high or exceptionally low) home sale.
As you can see, we started the year at a median sales price of $215,000 and ended at $296,000. That is a whopping 37.7% increase in median home value over 12 months! Please note that this does not provide a one-to-one correlation. If you bought your home in January of 2016, it did not suddenly increase 37.7% in value by December. However, the increase is important to note because it shows that the home values, in general, are on the rise and appear to be continuing to climb.
Looking at the number of homes on the market and number of homes pended/sold, the year was as follows:
Based on the graph, we saw our peak number of listings (represented by the light green bar) in April, but the peak of our number of homes sold (represented by the darker green/blue bar) in June. Note the trend in when homes went on the market - there was a steady increase of new listings from January through the April peak, followed by a slow start to the decline which accelerated in October through December.
Then we can see the number of days averaged by homes on the market, as well as the percent to list price at which the home sold:
"CDOM" means "Current Days on market" and you can see that the shortest number of days on market was seen in March of 2016 when the average was just eight days.
The blue line at the top represents the percent of original list price for which the home sold. The LOWEST we saw was 95% of original list price and we reached 98-99% of list price in January, March, July, September, October AND November. So if you're looking to buy and you see a house hit the market at $289,000, I would not look at it with the expectation that it could be purchased for $260,000. It's important for buyers to understand the nature of our current market (not just in Sudden Valley, but county-wide) when house shopping.
I hope that this review of data gives you some insight into home values and sales in Sudden Valley and that you won't hesitate to contact me should you have any questions or would like my help in selling your home.
* All reports are published January 2017, based on data available at the end of December 2016, except for the today stats. This representation is based in whole or in part on data supplied by the NWMLS. Neither the Board or its MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Board or its MLS may not reflect all real estate activity in the market. Report reflects activity by all brokers participated in the MLS.