This past month in Briar Chapel
Updated: Jul 7
Is the market showing any signs of slowing down? Let's see!
Briar Chapel Resales,
June 2021 (June 2020)
Num: 18 (14)
Avg $: 522,145 (409,935)
Days: 5/13 (41/19)
What a difference a year makes! A few more homes selling for A LOT more money in A LOT less time. Some of that average price can be credited to larger homes selling this past month (2,676 square feet compared to 2,510 a year ago), but the hero here, if you’re a seller, is the price per square foot. It jumped from 164.32 in June 2020 to 197.65 last month. That’s an increase of 20%!
There were also more expensive homes selling this year. 5 homes sold for over 600k. Last year there was only one. Also fun (again, if you’re a seller), is that 14 of the 18 homes last month sold for at least list price. Last year there was just one, and that was only for $100 more.
Briar Chapel Resales, Year to Date
Num: 91 (78)
Avg $: 466,685 (387,666)
Days: 17/4 (37/16)
Seventh verse, same as the first. Even those more sales are happening that’s not enough to keep up with the demand of this year’s market on top of people who delayed moving last year. More homes. More money. Less time. Through the first half of 2020 only 8 homes closed for more than $500k. This year it’s 24. Last year’s average price per square foot was $162.86. This year 192.21, or an increase of 18%.
One interesting thing in pricing is that there hasn’t been an incremental increase in prices each month. Home prices surged going into spring but has hovered around 195-210/sqft since March. There’s also signs that things might be slowing down a smidge, but still well ahead of what we would consider normal.
New Homes, Year to Date
Num: 83 (73)
Avg $: 437,769 (474,252)
New homes tell the same story, but we need to dig a little deeper in the numbers. While average prices have dropped, new homes are selling for 193.43/sqft compared to last year’s 187.76. The reason why that market has seemingly slowed is because the average new home in Briar Chapel is almost 300 sqft smaller than last year. While new homes are priced a little different than resales (more nuts and bolts compared to simple demand), still interesting to see!