Wondering how the Village of West Clay fared in 2011? With the Village, it's never a straight answer. Home prices generally trended up, but price per square foot generally trended down. But price per square foot trended down because a new Pulte product came on the market (a semi-custom builder) Custom homes tended to remain flat.
Let's dive deeper into the numbers, starting with months of inventory. In January of 2011, the Village of West Clay had 39 months of inventory. A neutral market is 6-8 months of inventory, a buyer's market is 8+ months of inventory and a seller's market is less than 6 months of inventory. It's tough to put any type of positive spin on that. The good news is that number has trended significantly downward throughout 2011. The summer months hovered around 10 months of inventory and we ended the year in November with 9 month of inventory and December with 19 months of inventory. In short, I think it's safe to say that over HALF of the inventory in the Village of West Clay has left the market.
That's not to say, though, that half of the inventory sold in 2011. In fact, 54.2% of the listings expired and an additional .4% were withdrawn, meaning that 54.6% of listings did not sell in the Village of West Clay. That's right, over half did not sell. There were 81 sales in 2001 and 85 expired listings in 2011.
On average, there were 100 active listings every month in the Village. the average price in the village in January 2011was $568, 374, rising slightly to $607,546 in December 2011. Of the 81 sales, 57 were single family detached homes. Of those 57, the average price per sq. ft. for the 12 months was $164. Remember, when we talk about price per sq. ft., never include your basement sq. footage. As always, custom homes are going to have a higher price per sq. ft. than semi-custom homes.
In my opinion, the Village of West Clay is looking up. The inventory numbers are much better than they were. The number of distressed properties is down, with the exception of the Wentworth condos. Builder spec inventory is down. All of this means that we should see fewer homes on the market with stable to slightly rising prices in 2012.
Thinking about buying in the Village of West Clay? Click here to start your search!
Want more detailed information about your home? Call me at 317.442.4295 or email me at angela@raabhomes.com!
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Let's dive deeper into the numbers, starting with months of inventory. In January of 2011, the Village of West Clay had 39 months of inventory. A neutral market is 6-8 months of inventory, a buyer's market is 8+ months of inventory and a seller's market is less than 6 months of inventory. It's tough to put any type of positive spin on that. The good news is that number has trended significantly downward throughout 2011. The summer months hovered around 10 months of inventory and we ended the year in November with 9 month of inventory and December with 19 months of inventory. In short, I think it's safe to say that over HALF of the inventory in the Village of West Clay has left the market.
That's not to say, though, that half of the inventory sold in 2011. In fact, 54.2% of the listings expired and an additional .4% were withdrawn, meaning that 54.6% of listings did not sell in the Village of West Clay. That's right, over half did not sell. There were 81 sales in 2001 and 85 expired listings in 2011.
On average, there were 100 active listings every month in the Village. the average price in the village in January 2011was $568, 374, rising slightly to $607,546 in December 2011. Of the 81 sales, 57 were single family detached homes. Of those 57, the average price per sq. ft. for the 12 months was $164. Remember, when we talk about price per sq. ft., never include your basement sq. footage. As always, custom homes are going to have a higher price per sq. ft. than semi-custom homes.
In my opinion, the Village of West Clay is looking up. The inventory numbers are much better than they were. The number of distressed properties is down, with the exception of the Wentworth condos. Builder spec inventory is down. All of this means that we should see fewer homes on the market with stable to slightly rising prices in 2012.
Thinking about buying in the Village of West Clay? Click here to start your search!
Want more detailed information about your home? Call me at 317.442.4295 or email me at angela@raabhomes.com!
