Wow, what a great question. And a complicated one, too!
There are two aspects of this question that I would like to discuss. The first is the use of dollars per square foot ($/sf), and the second is today's market.
Asking about the average $/sf of Southlake is a little like asking what is the average temperature in Texas. When compared to North Dakota, you'll figure out which place tends to be warmer, but doesn't help much with the weather in Southlake. All weather is local.
And so it is with real estate, but even more so. The average temperature of Southlake is useful (not much difference would be expected over a few miles), but the average $/sf is not. When compared to Saginaw or Haltom City, you'll figure out that homes in Southlake are more expensive, but it doesn't tell you much about homes in Estes Park or homes in Stone Lakes. The average $/sf in each subdivision varies a lot, based on age, builders, and lot sizes, etc.
So if the purpose of the question is to get some understanding of the value of your home, or of a home you are thinking of buying, I suggest you contact me with an address, and I'll be glad to pull some numbers for you. No obligations, no pressure.
The second aspect is describing today's market. We are on a stormy sea and not sure when we'll reach harbor. The Texas economy has finally started to feel the effects of the recession. (Thank heaven we are not in California, Arizona or Florida!) We can hope that the government's efforts with the stimulus package, bank rescue, and mortgage bailout are effective, but who knows. A huge factor helping housing right now is low interest rates (for those with good credit.)
Buyers, reading all of the bad news, are hungry for bargains. Sellers are nervous, and avoiding selling if they can. And the most current numbers are from the thinnest time of the year - January closings are pretty much December's contracts, and not many folks are house hunting in December. So the numbers are small enough to be suspect.
For instance, in Southlake there were 16 closings in January, down a lot from the 30 closings in January 2008. The 2009 closings averaged $168/sf and 84 days on the market. The 2008 closings averaged $149/sf and 87 days on the market. But the 2008 numbers include two very expensive homes that both sold for over $250/ft, skewing things. And 16 and 30 are very small numbers.
Let me summarize my thoughts on the market. Based on our web activity, buyer interest is as strong as ever. People love to come to this site and look at houses! A lot of folks spend a lot of time here! (Get back to work you slackers!) Buyer activity is a little slower than last year, but better than I feared before the New Year. Days on market is increasing, inventory is building up, and some reluctant sellers are being forced onto the market - there is some inkling that prices are feeling this downward pressure. The February numbers will be much more important than the January numbers in telling us where things are moving.
And again, if you want more info about a particular home or neighborhood, just drop me a line and we'll pull a few numbers for you!
There are two aspects of this question that I would like to discuss. The first is the use of dollars per square foot ($/sf), and the second is today's market.
Asking about the average $/sf of Southlake is a little like asking what is the average temperature in Texas. When compared to North Dakota, you'll figure out which place tends to be warmer, but doesn't help much with the weather in Southlake. All weather is local.
And so it is with real estate, but even more so. The average temperature of Southlake is useful (not much difference would be expected over a few miles), but the average $/sf is not. When compared to Saginaw or Haltom City, you'll figure out that homes in Southlake are more expensive, but it doesn't tell you much about homes in Estes Park or homes in Stone Lakes. The average $/sf in each subdivision varies a lot, based on age, builders, and lot sizes, etc.
So if the purpose of the question is to get some understanding of the value of your home, or of a home you are thinking of buying, I suggest you contact me with an address, and I'll be glad to pull some numbers for you. No obligations, no pressure.
The second aspect is describing today's market. We are on a stormy sea and not sure when we'll reach harbor. The Texas economy has finally started to feel the effects of the recession. (Thank heaven we are not in California, Arizona or Florida!) We can hope that the government's efforts with the stimulus package, bank rescue, and mortgage bailout are effective, but who knows. A huge factor helping housing right now is low interest rates (for those with good credit.)
Buyers, reading all of the bad news, are hungry for bargains. Sellers are nervous, and avoiding selling if they can. And the most current numbers are from the thinnest time of the year - January closings are pretty much December's contracts, and not many folks are house hunting in December. So the numbers are small enough to be suspect.
For instance, in Southlake there were 16 closings in January, down a lot from the 30 closings in January 2008. The 2009 closings averaged $168/sf and 84 days on the market. The 2008 closings averaged $149/sf and 87 days on the market. But the 2008 numbers include two very expensive homes that both sold for over $250/ft, skewing things. And 16 and 30 are very small numbers.
Let me summarize my thoughts on the market. Based on our web activity, buyer interest is as strong as ever. People love to come to this site and look at houses! A lot of folks spend a lot of time here! (Get back to work you slackers!) Buyer activity is a little slower than last year, but better than I feared before the New Year. Days on market is increasing, inventory is building up, and some reluctant sellers are being forced onto the market - there is some inkling that prices are feeling this downward pressure. The February numbers will be much more important than the January numbers in telling us where things are moving.
And again, if you want more info about a particular home or neighborhood, just drop me a line and we'll pull a few numbers for you!
Cindy,
How is the pricing in the Estes Park Community?
Prices of homes in Southlake seem to be coming down a little, but I don't see the full recognition of the times that we are living through by most Sellers.