Though local residents no doubt break the area down a little differently, the Multiple Listing Service includes three zip codes in the area it considers “Land Park”.  These include 95818 (Land Park / Curtis Park), 95822 (Land Park and the Executive Airport area), and 95831 (the “Pocket Area”).  In this market update, we’ll compare the performance for homes in all three areas for the first quarter of 2007 against the first quarter of 2008.

In 2008, the average home sold in Land Park for $317,410, down 23% from last year’s average of $412,426.  Some of this price drop is an artifact of the fact that this year’s group of homes was smaller than last year.  Sold price per square foot dropped more moderately, 18.4%, from an average of about $256 per square foot last year to an average of $209 per square foot this year.  The median price fell more dramatically, reflecting both a real price drop and the focus on smaller homes.  In the first quarter of 2007 the median selling price was $377,500.  In the first quarter of 2008 it had fallen to $282,500, a 25.2% drop.

In current active inventory, about a quarter of the homes are short sales, and another quarter are foreclosures (more precisely, the numbers are 23.4% and 24.8%, respectively).  Reflecting the continued unpopularity and difficulty of short sales, however, only 3.9% of first quarter sales were short sales, while 35.6% of the sales were foreclosures.

Unit volume is up 4.1% this year for Land Park, with 205 residential units selling in the first quarter of 2008 compared to 197 units in the first quarter of 2007.

In inventory now, the average foreclosure lists for approximately $134 per square foot, versus $154 for short sales and $244 for non-distressed homes.  Homes in Land Park have been selling for approximately 94.9% of their listed price, on average.

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