They say hindsight is 20-20, well that was never truer for Kincaid Forest buyers in 2013. If they had known prices would soar and selection would dwindle, a few more folks may have decided to move in 2012. Let’s take a look at last year’s incredible market here…
A typical single family home in Kincaid has 4 bedrooms, 3.5 baths, and 3085 square feet on a quarter acre. The total number sold in 2013 was down significantly, seven compared to seventeen in 2012, however prices jumped dramatically. Last year it took an average of 36 days on the market to earn a selling price of $557,629. That’s a mammoth increase of over 17% compared to 2012’s average of $475,438. In real dollars, sellers here were able to take away $82,000 more than the previous year!
Townhomes in Kindcaid Forest were built in three waves starting in 1993 and finishing in 2010, similar to Tavistock Farms. Due to the size and style, we are going to separate the pre-2002 homes and review those first. The older townhomes have 3 bedrooms, 2 full and 2 half baths, and average 1358 square feet. Last year, 12 of those homes sold for an average of $302,825, up 7.5% from 2012’s average of $279,833 (6 sales). The average days on market dropped to 11, and most sold in 8 days or less.
The townhomes built after 2002 also offer 3 bedrooms, 2 full and 2 half baths, but do so with 2023 square feet. Seven of these larger townhomes sold in 2013 for an average of $377,071. That’s 6% higher than the 3 sales in 2012 which averaged $355,667. The extra money did take a little longer to get as home averaged 30 days on the market.
Wondering what this means for you? Sellers were able to take advantage of a hot spring market last year and see fantastic gains. It’s early, but we would expect prices to rise modestly in 2014 due to much higher interest rates than last spring. Buyers should pay close attention to listings as they come on the market, and be prepared to make strong offers.
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