$500K+ homes get a 5% hair cut
It’s just one month, so let’s not make any dramatic conclusions. Our second snapshot on part of Orleans real estate market shows some things that are easily explainable and some that may be part of a trend, but it is still early to call it.
First – more listings.
Obviously, its March after all. And with the unusually warm March we’ve got, almost anyone who has been thinking to sell, has probably entered the market. Hence, the 30% increase of the number of home for sale. The listing thermometer is burning hot.
Second – prices on average went up.
The minimum asking price for a single family home is full 22% higher. The average price for the traditional detached 3-bedroom home is 15% higher. Larger and more expensive homes are fluctuating around the price from March. At the same time from those homes with reduced asking price the more expensive homes were discounted the most – by 5%.
What do I make of this?
More modestly priced homes are selling fast and increasing in price. $400,000 plus homes are not selling that fast and on average are more likely to decline in price.
It this a developing trend? Perhaps. Let’s wait another month. Enjoy the data below. And if you are shopping for a house in Orleans, please let me know if this snapshot is of any help to you.