In Part 1, I shared an overview of what is happening in the Belle Creek market. Belle Creek is seeing a welcome change in the home sales market, with only 2 available New Town built homes for sale and only dirt-start Oakwood homes inventory available.
The Breakdown: Of the 9 closed sales in 1Q, 3 were in a “distressed” situation. In 2011, there were 4 sales in 1Q: 2 New Town homes and 2 Oakwood homes. Neither of the sold homes were in a distressed situation. Again 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 continuing to head in a much better direction than they had been for the past couple of years. In 4Q 2011, cottage style homes were selling for a welcome $106 per square foot. This was a much anticipated jump for Belle Creek. That upward trend continues in 1Q 2012 – Cottage homes sold for $120 per square foot, or an average net selling price of $171,702.
If you have been considering selling your Belle Creek home, now may be the perfect time. Call me for your customized Comparative Market Analysis: 720-341-5235