The real estate market in the Highlands ended the year strong. All neighborhoods in the Highlands saw an increase in the number of sales from 4Q 2011 to 4Q 2012. Low interest rates and the popularity of the area are keeping sales strong despite extremely low inventory. First quarter 2013 would be an excellent time to put a property on the market to avoid the competition that will hit the market in the spring.
Highland– New construction properties continue to be in big demand, despite a dip in the number of sales in 4Q 2012, there are 40 properties under contract, most properties going under contract before construction is completed. The condo market appears to have taken a big dip (nearly 50%) in the number of sales from 4Q 2012 compared to the 3Q. However, the decrease in sales can be more accurately explained by sheer lack of inventory. New condo inventory is very much needed. Highland is experiencing a strong seller’s market meaning that sellers have the upper hand in negotiation.
West Highland—The number of sales of single family homes saw a decrease from 3Q 2012 to 4Q. West Highland saw a very strong 2Q and 3Q and a decrease in sales can be attributed to the seasonal slow down of the market. The new construction market has seen a decrease in inventory throughout 2012 with a very limited number on the market currently. West Highland remains a strong seller’s market with very low inventory and high demand.
Berkeley– The sales for single family homes in Berkeley remained fairly stable to end the year strong. The average sales price for single family homes saw a 12% increase from 4Q 2011 to 4Q 2012. The number of sales for new construction properties saw a decrease from 3Q 2012 to 4Q; however, the new construction market is suffering from low inventory which may attribute to the decrease in the number of slaes. Berkeley is a strong seller’s market.
Sunnyside– Sunnyside saw a large decrease in the number of sales of single family homes from 3Q 2012 to 4Q (36%); however, the average sales price increased during that same time. Sunnyside saw an extremely strong 2Q and 3Q 2012 and the decrease can be attributed to the seasonal slowdown in the market. Sunnyside has not been known for a large new construction or condo market; however, there have been a few new construction properties in the area in 2012. Sunnyside remains a very strong seller’s market as well.
HIGHLAND
Single Family
#of Sales 35
Median Sales Price $325,000
Average Sales Price $344,600
Average PSF $246
Average DOM 47.5
Average List Price to Sold Price 95.7%
New Construction
# of Sales 5
Median Sales Price $635,000
Average Sales Price $662,300
Average PSF $229
Average DOM 107
Average List Price to Sold Price 97.7%
Condo
# of Sales 12
Median Sales Price $294,000
Average Sales Price $357,800
Average PSF $286
Average DOM 59
Average List Price to Sold Price 96.3%
WEST HIGHLAND
Single Family
# of Sales 39
Median Sales Price $360,000
Average Sales Price $381,750
Average PSF $247
Average DOM 52
Average List Price to Sold Price 94.6%
New Construction
# of Sales 8
Median Sales Price $626,250
Average Sales Price $691,050
Average PSF $236
Average DOM 113
Average List Price to Sold Price 98%
Condo
# of Sales 7
Median Sales Price $242,500
Average Sales Price $223,750
Average PSF $187
Average DOM 45
Average List Price to Sold Price 91.7%
BERKELEY
Single Family
# of Sales 46
Median Sales Price $330,825
Average Sales Price $330,375
Average PSF $229
Average DOM 50
Average List Price to Sold Price 99.9%
New Construction
# of Sales 2
Median Sales Price $427,000
Average Sales Price $427,000
Average PSF $244
Average DOM 38
Average List Price to Sold Price 98.8%
Condo
# of Sales 5
Median Sales Price $149,900
Average Sales Price $170,925
Average PSF $186
Average DOM 58
Average List Price to Sold Price 94.1%
SUNNYSIDE
Single Family
# of Sales 35
Median Sales Price $279,900
Average Sales Price $315,625
Average PSF $188.5
Average DOM 49.5
Average List Price to Sold Price 96.3%
New Construction
# of Sales 0
Median Sales Price 0
Average Sales Price 0
Average PSF 0
Average DOM 0
Average List Price to Sold Price 0
Condo
# of Sales 2
Median Sales Price $111,500
Average Sales Price $111,500
Average PSF $162
Average DOM 22
Average List Price to Sold Price 97.5%
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