Wednesday, February 10, 2010

2009 The Point Home Sales Statistics

We saw a total of 41 homes in The Point sold for all of 2009. Let's break down the pricing into 3 categories to see how the prices stack up (or down).

Homes sold Under 1 million:

21 homes sold for an average selling price per square foot of $160. Median square foot price was $162. Carving this into 3 categories of Distress sales which include short sales and/or foreclosures; New homes; and then resales we see the following trend;

Distress- 8 homes sold at an average of $149 per sq ft
New homes - 5 homes sold for an average of $158 per sq ft
Resale homes - 8 homes at an average of $175 per sq ft.

It's obvious that the Distressed sellers continue to put pressure on prices and that trend so far into 2010 is continuing. For the Buyers there are some great deals out there....take advantage of it!

on another note only 2 of these homes were sold above the Iredell county appraised value and the average selling price was 8% lower than the County's appraised value!! Hey, maybe it's time to apply for tax abatements!

The least expensive home sold was a tie between 2 homes in Sconset Village at $500,000. The size of these homes ranged from the smallest at 3,295 sq feet to the largest at 6,231 sq ft. The lowest selling price per sq ft was $130 and the highest was $207. That "backyard oasis" makes a difference in this category.

There were no waterfront homes sold under 1 million.

Homes Sold from 1 - 2 Million

14 Homes were sold in this price range and actually only 3 homes were sold at over 1.5 million and the other 11 at under 1.5 million. The average selling price per sq ft was $236. Markedly down from the glory days of 2006-2007 and Interest Only mortgages.

The breakdown: New vs Resale
New homes - 7 sold at average of $241 per square foot
Resale - 7 homes at average of $231 per sq foot

The breakdown; Water vs interior
Water - 10 homes at an average of $240 per sq ft
Interior - 4 homes at an average of $226 per sq

Waterfront ranged from a low of $187 per sq to a high of $285 per sq.

How "good" your waterfront lot really is made a difference in the selling price last year. Location, location, location.

Homes 2 million and up

4 homes in this category. one home sold at just slightly above 2 mil and the other 3 at over 3 million. The average selling price was $400 per sq ft. When these homes, which are all waterfront are added to the under 2 million waterfront it skews the averages a bit to the upside and these 3 million plus homes tend to be on lots that are the best in The Point so they belong in their own category. The most expensive home was at $512 per sq ft. There is waterfront and then there is WATERFRONT. In total The Point has had only a total of 8 homes ever sold north of 3 mil, with 2 of those over 4 million.
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