By Jennifer Boylan
As of the end of January, 2011, there were 41 single family and patio homes on the market in Jackson Creek with a median list price of $346,250. The homes that are currently on the market have been on the market for an average of 161 days. Nine of the forty homes have been on the market for over 200 days, and six have been on the market for over 300 days. ..It’s hard to imagine having your house on the market that long!
Extended market times like this are generally due to one of four factors; location, condition, price or lack of exposure.
We see the proof of this when we look at the homes that did sell in January. The average days on market for those homes that sold in January was 120 days while the median price of those sold homes was $323,250, 6.6% lower than the median list price. Additionally, those homes that sold only saw a 1.62% listing discount as compared to 3.10% for all of El Paso County.
Inventory is the final factor I want to take a look at. The Jackson Creek market appears to be moving a bit faster with 6.83 months of inventory. Real Estate industry standards consider a 6 month inventory of homes to be a balanced market so although Jackson Creek is still officially a “buyers-market”, the trend is toward balance.
This is good news for Jackson Creek…..as our number of sales chart shows we are heading into the busy part of the real estate markets’ cycle. So, unless we see a ton of new listings in the coming months, the spring influx of homebuyers should help us sell through a good portion of the existing inventory.
|Jackson Creek Market Statistics-January, 2011|
|Average List Price||$356,380|
|Median List Price||$346,250|
|Average Sales Price||$323,250|
|Median Sales Price||$323,250|
|Average Days on Market (Active Listings)||161|
|Average Days on Market (Solds)||120|
|Number of Sales||2|
|Number of Active Listings||41|
|Months of Inventory||6.83|