Briar Chapel Real Estate Update
June 2022 (2021)
Number: 18 (19)
Avg $: $649,750 (517,558)
Avg/Med Days: 4/3 (5/3)
Avg $/SF: 269.07 (196.67)
The number of homes didn’t move much, which I don’t really expect as the inventory is still so incredibly tight. However, now we have another full spring buying season…of buyers…who haven’t been able to get a home when they were otherwise planning on moving. They had to sit out spring of 2020, for obvious reasons, and many could not buy a home in spring of 2021 because they were bid out.
BUT, things were slower in terms of days on market. June 2021 saw 4 homes sell in 0 days. Last month: 1 home. Still crazy, but not totally crazy.
And these homes reflect contracts written before Memorial Day, when we in the business noticed a pretty big slow down on the market, and then a couple of weeks later the interest rates jumped. So the July numbers should be able to tell us how much of an effect (affect?) this other conditions are playing on contracts. But I can tell you now it’s slower. There are currently 22 resales on the market in Briar Chapel. 7 have been on for more than a month. It’s been a couple of years since that’s happened. In fact, you’d have to go back to September 2020 to have this many homes on the market at any single point.
However, since then, the average sales price for a home has also increased $200,000.
And note that increase in price per square foot over the past year. That extra 72.40 per square foot means a $3000 square foot home has increased in value by $217,200.
Let’s look at this year so far…
YTD 2022 (2021)
Number: 71 (92)
Avg $: $619,027 (466,341)
Avg/Med Days: 7/3 (16/4)
Avg $/SF: 256.03 (192.48)
22% fewer homes will make what’s left sell quicker and for more. That’s what the past couple of years have been all about.
Next month we should know more about how the market is handling the rate increase (and they’ve already started to drop a bit) so maybe the Mid-May-June market more of a blip then a trend. But we need to see what those May and June Contracts tell us in the end. However, from what I can tell just by looking at the number of homes under contract, it’s slower. There are *currently* only 10 homes scheduled to close in July (I don’t expect more, but you never know). Those 10 homes went under contract in an average of 8 days. LAST July there were 25 closing in July with an average of 5 days on market.