The Land Park real estate landscape has changed over the last year. And this is a textbook case on how foreclosures can affect house prices, so it’s well worth noting, even if you have no interest in buying a home any time soon and / or do not live in Land Park.

Last October saw no foreclosures in this well established community and no short sales. 100% of the houses sold in this area were non-distressed. Today, while the majority of houses sold are still non-distressed, it is a small majority: 54.5% of all home sales. The rest are foreclosures (27.3%) and short sales (18.2%)

And when almost half the homes sold in a community are foreclosures, prices reflect that reality. Price per square foot in Land Park have dropped 25.9% from $338.42 last October to $250.87 this month. The average home in Land Park sold for 26.1% lower this year – for $346,250. Last October, the same home would have sold for $468.750. Median sales price has also dropped from $412,500 to $318,000 for the same period – a drop of 22.9%

There are, unfortunately, 13 short sales on the market in Land Park, so we might see some pain just yet in this community. Overall inventory based on 12 months of sales is at 5 months and based on 6 months of prior sales is at 5.5 months.

Comments are closed.