The Highland Woods neighborhood saw positive notes in almost all the categories we follow, although this area is definitely dealing with low inventory. Both the average and median home prices increased by 30% or more. The number of closed sales went up 112% and no that is not a typo. The days on the market (the time between listing and close of escrow) went down by 28%, which means properties are getting and accepting offers quickly. This is usually welcomed news for both buyers and sellers. New listings took a hit with a 33.3% decrease, which once again, this area is in a seller’s market which means inventory is low. So this isn’t a huge surprise. Pending sales did get a 50% boost though. The month supply is 1 which once again confirms this area is a seller’s market. The number that determines a market is balanced is a 6 and this area is no where close. In fact, it could use some more listings to satisfy buyer needs as soon as possible.
|Highland Woods Market Comparison||2017||2016|
|Number of Sales||17||8|
|Median Home Price||$455,000||$350,000|
|Average Home Price||$470,882||$343,613|
|Average List to Sale Ratio||98.1%||98.4%|
|Average Dollar Per Square Foot||$303||$240|
|Days on the Market||97||135|