For the fifth consecutive week, the number of available subdivision homes is on the rise with 360 homes now listed on the MLS at an average of $95.45 per square foot, up from 348 available homes the week prior. 182 homes are currently under contract up from 175, and it was a very average week in sales with 17 homes selling over the last 7 days, selling at an average of $76.70 per square foot. The residential market has been remarkably consistent this year with the increase in homes sold remaining right in the 10% range and the increase in the average sold price per square foot staying consistent in the 4% range, both of which are good barometers. Sales for 2014 in terms of subdivision homes sold was a 7 year low point so it is good to see sales increases, and more importantly positive appreciation rates.
So let’s take a look at October’s numbers and YTD numbers. Sales of single-family subdivision homes declined 3.8% month over month for October, with 125 homes sold in October 2015 versus 130 for October 2014. The average sold price however of those subdivision homes increased by just over 10% with the current average at $164,878 versus last year’s average $149,673. Total dollar volume for October 2015 of $20.6 million was an increase of just 2.8% over last October’s volume of $20 million and interestingly enough, that volume was generated on almost 30% fewer listings than this time last year. The average number of listings market wide, including acreage property for October 2015 was 389 versus last October’s average of 551. The number of cash buyers continues to hold steady at 17% of October’s activity, and 52% of all purchases were subject to either an FHA or VA loan.