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Tavistock Farms 2012 Market Wrapup

Tavistock Farms entranceIn the first of my neighborhood year in review posts, I am tackling 2012 home sales for Tavistock Farms. As a former resident, it always interests me to see how the market is faring. Overall, 27 homes sold in 2012 compared to 28 in 2011. Let’s take a look at how that breaks down:

For single family homes, 10 sold in 2012, one less than 2011,with a slightly lower average sales price of $510,000 ($519,000 in 2011).  The homes took an average of 27  days on market (DOM) to sell in 2012, an improvement of 41% over the prior year’s 46 days. As for distressed properties there was  only one foreclosure sale recorded in 2012, compared to three short sales in 2011. Digging a little deeper, the last three months accounted for 44% of the year’s sales with an average sales price of $521,000 while taking slightly longer to sell (an average of 42 days).  At the time of this post, only one single family home is currently listed for sale, while there are 3 under contract.

In 2012, 17 townhomes sold in the neighborhood, versus 14 in 2011, including 5 short sales and 2 foreclosures (4 short sales in 2011). Of the 10 standard sales the average sales price of $336,680 was a 5% increase compared to the ten sales in 2011 at $320,000. The average days on market improved as well, from 43 in 2011 to 28 for 2012. Similar to the single family homes, the final quarter of the year accounted for 50% of the year’s sales with an average sales price of $331,380 while maintaining the same DOM. As I write this post there is one town home currently listed for sale and two are under contract.

Overall, 2012 was a year of steady growth for Tavistock Farms. The strong activity to finish the year bodes well for 2013 and with our mild weather, I expect the spring market will start up soon. Low inventory levels will keep the days on market down, and if you want to sell, now is the time to start planning.

Want to know what your Tavistock home is worth? It’s simple, register for our home value report and it will quickly arrive in your inbox! (Live outside of Tavistock, but still curious about home values? That’s fine, you can register, too!) Or, are you thinking about buying in Tavistock? We can help with that as well; sign up here to receive all the new listings in this neighborhood.

Cheers,
Mike

[idx-listings tract=”Tavistock Farms” orderby=”Price” orderdir=”DESC” count=”6″]

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Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.



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