As we go up in price the number of homes in play goes down, and more of the homes that do sell sell below the stated range.
32 homes for sale – 8 in contract – 4 sold in the last 30 days = 8 months inventory.
Like homes in the $600’s this price range is also seriously flirting with becoming a buyers market, though with 8 homes in contract that should change.
But unlike the $600 price range, homes in the $700’s took their sweet time finding a buyer, 165 CDOM. And they sold for just 93.4% of list price (vs.. 45 CDOM & 97.8% for the $600 range). And of course longer days on market and a wider gap between list and sold prices point to a weaker market, with overly optimistic sellers and not so enthusiastic buyers.
Here are the 4 homes that sold;
In Skyline CC, 6619 N St.Andrews Drive was listed for $725,000 (after dropping from $789) and sold for $650,000 ($189/sf) after 176 CDOM. (cumulative days on market). Zillow was spot on at $637,052. Unfortunately, the sellers purchased it in 2005 for $894,500.
In Cat 9, 6742 N Altos Primero was listed for $729,900 and sold 167 days later for $660,000 ($149/sf). Had it been up to Zillow it would have gone for $807,063.
In Sin Vacas, 7182 N Placita Sin Codicia was listed for $750,000 (after dropping from $847) and sold for $740,000 after 224 days. And at $738,525 a homerun for Zillow. But not so for the sellers who paid $915,000 in 2006.
4370 E Placita Rio Robles in River Oak Estates did better. It was listed for $779,000 (down from $795) and sold for $740,000 after 96 days. It last sold for $550,000 in 2011, with improvements made since then. Zillow – at $717,830, awfully close for an algorithm.
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