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Willow Bend Real Estate Market Update: May 2009 so far…

Willow Bend insight to current market conditions…


It’s no secret that the upper market has been hurt by the economy and especially jumbo loans have basically dried up for the consumer.  Although we are seeing signs of life there.  As of May 28th the number of active (for sale) properties is 84.  That is in all Willow Bend subdivisions.  The lowest priced property is $399K in Willow Bend North and the highest priced property is $4995. M in Willow Bend Country.

As of today, there are 4 homes that are under contract (option) and 4 homes pending (waiting to close.)  6 properties have sold this month which is the same as April, yes, it’s slow.  Average dollar per sq ft is $158. and average days on market is 180 (6 months).  List to sale price is 96%, which shows sellers have been adjusting pricing to get there homes under contract.  Of all the homes on the market for sale or sold – they are by owners or relocation firms, 1 property has just been listed as a foreclosure sale.

One way to get a handle on the market is by absorption rate.   It defines the current pricing trend of the current market in last 30 days rather than going by older comps.  Taking the 84 active properties and dividing by the 6 sold gives you a 14 month absorption rate, which means that’s how long it would take to sell the current inventory in Willow Bend.

A high absorption rate (over 6 months) means you need to price a home aggressively to sell.  It requires a lower asking price or risk losing money chasing a declining market.  Pricing your home below market say 5 to 10 percent could sell your property quickly. You would be pricing your home ahead of the market.  It does depend on your competition and price range, though.

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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