Introduction: Welcome to the Woodtrace Community Market Report for July 2024. This report provides an in-depth analysis of the real estate market in Woodtrace, focusing on averages for all relevant data over the past 30 days.
Market Overview: The Woodtrace real estate market continues to exhibit robust activity with a good balance between buyer demand and seller supply. Here’s a snapshot of the market dynamics based on the latest data:
- Total Listings Analyzed: 36
- Average List Price: $645,007
- Average Sold Price: $674,588
- Median List Price: $671,400
- Median Sold Price: $672,400
- Average Price per Square Foot (LP/SF): $189.60
- Average Price per Square Foot (SP/SF): $191.43
- Average Days on Market (DOM): 100 days
Category Breakdown:
1. Active Listings:
- Number of Listings: 22
- Average List Price: $643,961
- Average Price per Square Foot: $187.67
- Average Days on Market (DOM): 105 days
2. Option Pending Listings:
- Number of Listings: 3
- Average List Price: $709,933
- Average Price per Square Foot: $189.31
- Average Days on Market (DOM): 69 days
3. Pending Listings:
- Number of Listings: 1
- Average List Price: $724,000
- Average Price per Square Foot: $201.78
- Average Days on Market (DOM): 224 days
4. Sold Listings:
- Number of Listings: 4
- Average Sold Price: $674,588
- Average Price per Square Foot: $208.16
- Average Days on Market (DOM): 67 days
5. Expired Listings:
- Number of Listings: 1
- Average List Price: $405,000
- Average Price per Square Foot: $170.17
- Average Days on Market (DOM): 173 days
6. Terminated Listings:
- Number of Listings: 5
- Average List Price: $611,180
- Average Price per Square Foot: $198.04
- Average Days on Market (DOM): 84 days
Key Takeaways:
- Market Balance: The Woodtrace market shows a healthy balance with active buyer interest and consistent sales.
- Price Trends: Average prices indicate a slight increase in value, suggesting a stable and appreciating market.
- Days on Market: Homes are selling at a steady pace, with well-priced properties moving faster.
- Seller Advantage: The market slightly favors sellers due to high demand and relatively quick sales, especially for well-maintained and competitively priced homes.
Tips for Sellers:
- Staging and Curb Appeal: Ensure your home is well-staged and has good curb appeal to attract potential buyers.
- Competitive Pricing: Set a competitive price based on a Comparative Market Analysis (CMA) to avoid extended days on the market.
- Professional Photography: Use high-quality photos to increase online interest and foot traffic to your property.
- Highlight Unique Features: Showcase any unique features such as smart home technology, energy-efficient appliances, or custom upgrades in your listing.
Tips for Buyers:
- Get Pre-Approved: Have your financing in place to strengthen your offer and move quickly when you find the right home.
- Know Your Priorities: Make a list of must-haves and nice-to-haves to narrow down your search.
- Be Ready to Act: With high demand, desirable homes may receive multiple offers. Be prepared to act swiftly.
- Work with a Local Agent: An agent with local expertise can provide valuable insights and help you navigate the competitive market.
- Consider Future Growth: Look into planned developments and future projects in Woodtrace that may enhance property values.
Conclusion: The Woodtrace real estate market remains dynamic and favorable for both buyers and sellers. Staying informed about market trends and working with experienced local real estate agents will ensure you make the most of the opportunities in this vibrant community. For personalized market insights and assistance, contact Austin Glass.