Overall, the number of homes for sale in DuPont went from 21 homes in November of 2010 to 8 homes by January of 2012.? New construction is one of the main reasons for this low number as many buyers opt to build their personalized home.? There has also been a lot of talk that DuPont foreclosures and short sales are pulling down the local housing market.? From our research, foreclosures are having a limited effect and short sales are only accounting for 1 of the 8 homes currently for sale in DuPont.? There was more good news as the average price per square foot increased from $128 in 2010 to $136 in January 2012.? The consistent prices is a result of a strong local economy, namely the Fort Lewis community, that has been somewhat unaffected by the rest of the economic turmoils.
Moving through 2012, we can expect the price and number of homes for sale in DuPont to remain consistent up until the fourth quarter of 2012.? Expect to see the price per square foot to increase slightly and see resistance at the $143 mark.? However, in the third and fourth quarter of 2013, we will see a large degree of turnover in the DuPont housing market.? Expect this to drive numbers higher with an average price per square foot of around $158.
DuPont Real Estate By The Numbers
Looking strictly at the first quarter, the number of homes in DuPont for sale decreased by 25%.? Additionally, the number of homes for sale in January of 2012 decreased by 38.5% when compared to January of 2011.? The low number of DuPont homes on the market are a result of two reasons:? stability with personnel at JBLM and several DuPont home owners able to rent out their homes.
With personnel, several of the units on JBLM are gearing up for deployment and their personnel requirements may be already met.? As a result, the huge surge of soldiers relocating to JBLM probably will not happen in 2012.? Several current home owners in DuPont have already conducted a permanent change of station (PCS) from Fort Lewis but have decided to carry their home.? This is easy when there is a large pool of renters looking to live close to JBLM.? As a result, you have a lot of unwilling sellers who don?t feel pressured to dump their home at 10% below market value.
Brief Look at Short Sales in DuPont
There has been speculative talk among the real estate community that DuPont foreclosures and short sales would pull down values in the DuPont housing market.? However, the number of foreclosures is minimal and the above graph depicts the number of short sales that were listed through the last year.? The only argument that could be made here was that the five short sales in DuPont in July of 2011 pulled down values.? However, that five was only about 1/5 of the total homes for sale in DuPont and the price per square foot quickly recovered in August.
Price per Square Foot for Dupont Homes
The average price per square foot increased 6.9% from the year prior to an average of $136.? Looking at the pricing numbers over the last year, there is clearly a discrepancy from month to month.
One reason is the low amount of DuPont homes that are listed for sale at one time.? Any home sold in DuPont can have a substantial effect on the local housing market and disrupt values.? This sensitivity to neighboring homes is reiterated with the design of many homes in DuPont.? Homes in DuPont are, by nature, closely related and several floor plans are similar.? Thus, if a home sells in DuPont with your similar floor plan at an extremely low price point, it will likely pull down your values.
CDOM for Homes for Sale in DuPont
The cumulative days on market for homes in DuPont decreased from the previous month by 60% but increased from the previous year by 42.1%.? The magnitude of these data goes back to the point that the DuPont housing market is sensitive to only a few set of homes for sale.? Also, the DuPont housing market is driven by seasonal buyers and one would expect to see a high CDOM towards the tail end of certain quarters:? first and third.? Nonetheless, if you?re looking to buy a home in DuPont, you may want to consider one of these outlier short sales or foreclosures that rarely hit the market.? As your real estate agent in DuPont to provide you a quick update when these homes hit the market.
?
?
Related posts:
- Review of Homes for Sale in Lacey Homes for sale in Lacey have performed relatively well over...
Source: http://visumrealestategroup.com/blog/2012/02/review-of-homes-for-sale-in-dupont/
milwaukee brewers will power will power indy 500 martin luther king memorial walking dead season 2 walking dead season 2
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.