“How Is The Market?” — RCF Update

As Marcie likes to say, the Spring market has been hopping.

Demand for homes in our neighborhood is strong. Rock Creek Forest has already had 14 closed sales in 2012 (single family homes only) — that’s 40% more than in the first five months of 2011. The settled homes spent an average of 57 days (range: 5 – 174 days) on the market. Two houses are currently under contract. But, as of June 1st, there is only one active listing!

Of the 14 houses that have sold this year, the average original asking price was $580,171 (range: $473,000-899,000). The average price at the time of sale was $570,273. And the final sales price averaged $565,173 or 97.4% of the original asking price. That’s less than the $642,450 from last year, but the number was heavily influenced by the fact that mainly smaller (and few larger or newer) houses came on the market yet this year.

For all of the activity, there’s still not enough inventory. There are a lot of eager (and often frustrated) buyers. So if you’re sitting on the fence, it might be time to take that leap!

(And yes, that’s a real picture! I took it after a rain in April, from my car window.)