College-Glen Real Estate VIDEO update Q3 2015
Tons of great information about College-Glen can be found at my website: www.CollegeGlenRealEstate.com.
The market stayed balanced in the third quarter compared to the second quarter as 2015 finished the "selling season." There were 41 sales in the third quarter, a few more than the 39 sold in the second quarter and much more than the 28 sold a year ago. The average sales price ($304,379) was up a bit from last quarter ($298,178) and up significantly from one year ago ($275,484). Average Days on the market(26) has increased from last quarter(17) and is right around the same from a year ago(26).
The third quarter for College-Glen real estate was really the tale of two different markets. Q3 started off very hot with more buyers than homes available and multiple offers from Q2 carrying over into Q3. Properties were selling fast and for at/above list price. Then August hit and the market transitioned to a much slower pace. It appeared to be a combination of the stock market drop and many families taking a break while they finished up end-of-summer trips and back-to-school preparations. Homes began to sit on the market and sellers were having price reductions to attract buyers. Since Labor Day, things have become balanced between sellers and buyers. Right now it is very much a price sensitive market. The over-priced properties are sitting but the ones that show great and are priced at an attractive value are getting sold. It is currently crucial for sellers to get their home in good showing condition and price the property correctly from the start to attract the most amount of buyers as soon as you come on the market. I expect the fourth quarter of 2015 to be balanced up until Thanksgiving and then most likely slow down through New Years.