Baywood & Aragon Real Estate Update October 2011 - Low Inventory
Listings that do come onto the market are selling quickly. The average home sold in 2011 has done so in just 25 days, much faster than in surrounding areas. Low inventory and short listing times means that buyers need to react quickly to new listings, or risk missing out on a property.
A lack of supply is often a precursor to rising prices. Price trends are difficult to determine for a small group of neighborhoods like Aragon, Baywood and Baywood Knolls. The data suggests steady pricing, with flat average and median prices, while average price per square feet are down slightly. One interesting thing to look at is the ratio of sales price to list price. In the last seven months, it has three times been above 100%, which suggests that buyers are bidding above asking price on a more frequent basis. In the year and a half prior to that it was only above 100% twice. The sales price to list price measure can sometimes be misleading, especially when homes are pulled off the market and then re-listed at a different (usually lower) price. However, the effect is usually to bring the ratio closer to 100% (as re-listed homes are sold closer to their new listing price), instead of over 100%.
If you're interested in learning more about the Aragon, Baywood, or Baywood Knolls real estate market, considering selling your home, or thinking about moving to Aragon, Baywood, or Baywood Knolls, please drop me a line and I'd love to connect with you.
Recent Sales in Aragon/Baywood
|Address||Recent Sale||Beds||Baths||Square Feet||Previous Sale||Annual Change|
|514 Alhambra||Oct 2011 $1,200,000||3||2.5||2,480||Jun 1992 $500,000||4.7%|
|604 Nevada||Oct 2011 $1,050,000||2||2.5||1,680||Aug 1972 $54,500||7.8%|
|389 Georgetown||Sep 2011 $1,425,000||4||3||2,620||Jun 1990 $650,000||3.8%|
By The Numbers - Aragon/Baywood Real Estate for October 2011
|Current Month||YTD Total or Average|
|October 2010||October 2011||Jan - Oct 2010||Jan - Oct 2011|
|Days on Market||18||13||24||25|
|Months of Supply||5||1||2.1||1.3|