Welcome to the Woodtrace Community Market Report for the period from July 15, 2024, to August 15, 2024. This report provides a comprehensive overview of the real estate activity in Woodtrace, highlighting trends, pricing, and overall market health. Compared to the previous month, the market has shown some interesting developments that we’ll explore in this report.
Market Overview:
- Total Listings Analyzed: 39
- Median List Price: $655,000
- Average List Price: $645,180
- Median Sold Price: $710,000
- Average Sold Price: $709,967
- Average Price per Square Foot (LP/SF): $183.79
- Average Price per Square Foot (SP/SF): $194.64
- Average Days on Market (DOM): 100 days
Category Breakdown:
1. Active Listings:
- Number of Listings: 19
- Average List Price: $643,961
- Average Price per Square Foot: $187.67
- Average Days on Market (DOM): 105 days
2. Pending Listings:
- Number of Listings: 5
- Average List Price: $680,740
- Average Price per Square Foot: $199.35
- Average Days on Market (DOM): 69 days
3. Sold Listings:
- Number of Listings: 6
- Average Sold Price: $709,967
- Average Price per Square Foot (SP/SF): $194.64
- Average Days on Market (DOM): 88 days
- Sold Price to List Price Ratio: 97.23% – 98.71%
4. Withdrawn Listings:
- Number of Listings: 1
- Average List Price: $530,000
- Average Price per Square Foot: $168.20
- Average Days on Market (DOM): 80 days
5. Expired Listings:
- Number of Listings: 5
- Average List Price: $657,750
- Average Price per Square Foot: $183.55
- Average Days on Market (DOM): 185 days
6. Terminated Listings:
- Number of Listings: 3
- Average List Price: $806,300
- Average Price per Square Foot: $182.73
- Average Days on Market (DOM): 139 days
Key Takeaways:
- Market Stability: The Woodtrace real estate market remains strong, with an increase in the average sold price compared to the previous month. This indicates sustained buyer confidence and continued demand for properties in the area.
- Pricing and Demand: While the average list price has seen a slight decrease, the overall market remains healthy, with properties selling at strong prices. The increase in average days on market suggests a more deliberate pace in buyer decision-making.
- Seller Advantage: The market still slightly favors sellers, especially those with well-maintained and competitively priced homes. However, sellers should be mindful of setting realistic prices to avoid prolonged time on the market.
Tips for Sellers:
- Staging and Curb Appeal: Enhance your property’s appeal by ensuring it is well-staged and has strong curb appeal.
- Competitive Pricing: Review recent market trends to set a competitive price that attracts buyers without leading to prolonged time on the market.
- Professional Marketing: Invest in high-quality photography and marketing to highlight your property’s best features.
Tips for Buyers:
- Get Pre-Approved: Strengthen your buying position by getting pre-approved for a mortgage.
- Be Ready to Act: With the market’s competitiveness, be prepared to move quickly when you find a property that meets your needs. The homes that are on premium lots and prepped for sale well are selling in less than a week or two lately.
- Work with a Local Agent: Collaborate with a local real estate agent who understands the Woodtrace market and can guide you through the buying process.
The Woodtrace real estate market continues to offer opportunities for both buyers and sellers. Sellers, you have to make sure you are prepping your home to stand out. Our homes in Woodtrace are not all that different from one another so it is important to get your curb appeal dialed in with landscaping and dress up the backyard as well. With slight adjustments in pricing and buyer activity, it’s essential to stay informed and work with experienced local agents to navigate the current market conditions effectively. If you need a personalized market analysis or have any questions, don’t hesitate to reach out to a local expert in the Woodtrace area.