Brookstone Subdivision Cary NC: 2013 Semi-Annual Market Stats
What are the Market Statistics for Brookstone Subdivision in Cary, NC?
Brookstone is a ver desirable neighborhood in Cary, NC. Let's take a look at how the first half of 2013 has faired as compared to 2012.
Brookstone Average List Price vs. Average Sales Price
Thus far there have been 6 closings in Brookstone for the first 6 months of 2013 as compared to 11 total closings in 2012. Considering there is 3 homes currently available in Brookstone and one under contract, it is right on target to finish with close to the same number of closings as in 2012. What you may notice is the average list price and the average sale price for 2013 is greater than that in 2012. This can be an indicator of prices increasing or it can be an indicator of the higher priced homes selling. To analyze this more, you'll need to consider the average price per sq. ft.
Average Price per Sq. Ft.
The Average Price per Sq. Ft. for Brookstone in 2012 was $110 per sq. ft. which is exactly what it was for the first half of 2013. If the average sales price has increased, why hasn't the average price per sq. ft.? There may be a few reasons for this. First, if you consider each house has a base price which includes the lot and basic building cost, it makes sense that it may cost less to build a larger home making a smaller home cost more per sq. ft. than a larger home. Of course, there could be lot premiums for some homes based on size of lot and location in neighborhood (cul de sac vs. through street) that play into that equasion. Some homes sold for as much as $118 - $119 per Sq. Ft. Why is there such a difference in sq. ft.? Factors that may cause homes to see for less than the average are foreclosure/distressed sales, backing to a road or commercial property, lack of upgrades, condition of property, difficult sellers, and over pricing at the beginning of a listing. If you're considering selling, make certain you have your property analyzed by a Real Estate Professional who understands Market variations and Pricing.
Avg. Sales Price vs. Actual Avg. List Price
The Average Sales Price for Brookstone Subdivision in Cary NC was 99% in Jan - June 2013. In 2012 it was 98%. Not only has the Average List Price for Brookstone increased, but, Sales Price vs. List Price has increased as well. This is typical in an improving market.
Average Days on the Market
What is interesting is the Average Days on the Market has increased. With an improving market, you'd expect the Days on the Market to Decrease. I can see there were two of the 6 homes that closed that apparantly listed their home too high from the beginning. The other four homes were priced correctly. This resulted in three things: The Average Days on the Market for the overpriced homes was longer, The Average Price Per Sq. Ft was less, and the Average Sale Price vs. List Price was less. This is a Great Example of what happens when you overprice your home vs. Pricing it Correctly to begin with.
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