College-Glen Quarterly Real Estate Update - Q1 2015
The market stayed steady in the first quarter compared to the fourth quarter as 2015 got started. There were 19 sales in the first quarter, a few less than the 25 sold in the fourth quarter and a few less than the 21 sold a year ago. The average sales price ($294,895) was up a good amount from last quarter ($273,900) and up from one year ago ($262,123). Average Days on the market(29) has decreased from last quarter(34) and a year ago(48) as less houses have been available and a higher buyer demand to start the year.
Now that the First Quarter of 2015 is finished, here’s a look back at Q1 and comparing it to last quarter and a year ago. This is only for College Greens & Glenbrook single family homes. As you can see the market had the typical slow start to the year (as most real estate markets do). The sales that close escrow in the first quarter of the year are ones that start escrow at the end of the year (Thanksgiving/Christmas) and beginning of the year. Currently, the inventory of available homes in the neighborhood is a bit out of balance as more buyers are looking for homes than are available. This is favoring sellers and creating a bit of a sellers market. However, it is a price sensitive sellers market. The over-priced properties are sitting but the ones that show well and are priced right are receiving multiple offers, sometimes above list price. I expect the second quarter of 2015 to continue the trend of favoring sellers and prices continuing to slightly increase as the selling season continues to ramp up.
Call or Email me if you have any real estate questions. I loves working with buyers and sellers in my great neighborhood of College-Glen.