February Update for The Preserve & Legacy
I'm starting to get the feeling that I'm repeating myself.
We certainly are in interesting times. While February is usually the calm before the storm known as the spring market, this past February was unusually calm, and the surge of inventory that defines spring real estate has yet to arrive.
The Preserve at Jordan Lake
February 2021 (vs February 2020)
Number of Homes Sold: 1 (1)
Average Price: $625,000 ($703,250)
Average/Median Days on Market: 27 (64)
2021 Year to Date (vs 2020)
Number of Homes Sold: 4 (3)
Average Price: $677,875 ($679,416)
Average/Median Days on Market: 38/31 (100/75)
Both the sets above are resales, as no new construction homes closed in that period, and while there aren't enough homes to see any trends in terms of price we can already see a large shift in the time on the market. So far this year homes in The Preserve are only on for half the time they were compared to the same period last year. While these homes went under contract later in 2020, the same inventory crunch was already presenting itself. Next month's update will see that time contract even further.
Legacy at Jordan Lake
Year to Date 2021 (2020)
Number of Homes Sold: 5 (2)
Average Price: $452,663 ($408,731)
Next door to the Preserve, Legacy has seen the same inventory squeeze. This year there have been no resales that have closed. As of the time I'm writing this, there are no active resale listings. So the five homes that have sold this year are all new construction, which also points to a shift from resales. Not because they're not as attractive, it's just that buyers don't have any other options!