4th Quarter was a definite shot in the arm for the Belle Creek real estate market. While 3rd Q saw only 3 closed sales – all Oakwood Homes – 4th Q saw double that amount. Of the 6 homes sold, only one was an Oakwood Home. There were 5 existing homes sold in 4Q!
Inventory remains at an incredible low. As of January, there are only 3 homes available for move in, and another 4 are under contract. Two of the available homes are bank owned, and are extremely well priced. Oakwood continues to sell lots for dirt-start homes and currently has several lots reserved or in some stage of construction.
The Breakdown: Of the 5 closed sales in 4Q, only one was bank owned. In 2010, there were 7 sales in 4Q, and 5 were bank owned or short sale. It is good to see distressed inventory clearing out, although there is still distressed inventory that has not yet come to market. We will continue to see bank owned properties come on the market, but we are also seeing a return to traditional sales.
Sold prices for cottage style homes (those under 1600 square feet) built by New Town are heading in a much better direction than they had been for the past couple of years. In 2010, cottage style homes were selling for a depressing average net of $98 per square foot after 152 Days on Market.
In 2011, cottage style homes sold for a net price of $106 per square foot after an average of only 18 Days on Market!
Even larger homes saw an encouraging increase over 2010. In 2010, homes above 1800 square feet saw a sold price per square foot of $96 after an average 268 days. In 2011, New Town inventory sold for $107/Sqft after 35 days on market, and Oakwood inventory sold for $121/sqft after 215 days.
The Bottom Line: Belle Creek is seeing the signs of life we have been waiting for. Expect to see further gains in pricing in the near future. People want to live in Belle Creek. And clean, well-maintained homes have been fetching the highest prices.
Remember that every situation is unique in this regard. Be sure to consult with a REALTOR who specializes in the neighborhood when you consider selling – call me at 720-341-5235!