Snell Isle Real Estate Market Update July-Sept 2018

Home sales on Snell Isle are steady. The absorption rate of 8.5 shows a small advantage for home buyer but considering the price range it is expected for homes to take a bit longer to sell. What this means is that buyers have more inventory to consider and may not feel as much pressure to make a quick decision.

While the less expensive homes get picked up in a matter of days, it is not unusual for homes over $1,000,000 to take between 6 months to a few years to sell depending on the property. What this means for sellers is that if you want to sell more quickly take a close look at staging, curb appeal, and the marketing presentation for your property. Great photos and good exposure will make a difference in how quickly your home sells.

Recent Sales

The third quarter of the year saw 19 closings on Snell Isle, three of which were condos. The median price was $725,500, with a high of $3,305,000 and a low of $273,000.

These properties ranged from 987sqft (a 2 bedroom 1 bath home) up to 5,800sqft (a 4 bedroom 5 1/2 half home).

These homes sold fairly quickly, only sitting on the market for about a month before getting a contract.

Single Family Homes Sold

Price Size $/Sqft
median $865,000        2,523 $322
high $3,305,000       5,865 $781
low $406,000           987 $241

Condos Sold

Price Size $/Sqft
median $283,000            1,788 $176
high $315,001         1,788 $230
low $275,000          1,230 $154

Properties for Sale

Comparing those numbers to the homes and condos still on the market is surprising. There are 53 properties for sale as of this writing (10/17) and they are almost twice as expensive as the properties that sold. These properties have been on the market for a median of 156 days, with a high of 956 and a low of 6 days.

As you can see below, they are both larger and asking for more per square foot than the properties that sold.

Price Size $/Sqft
median $1,530,000     3,965 $399
high $3,949,000        7,029 $682
low $469,000          825 $240
By Kathleen Seide | Posted in Market Reports | Tagged , | Leave a comment

 


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