Land Park Real Estate Market Update: January 2010
Just 7 homes sold in the Land Park area following the wake of recovering real estate prices. This was an overall drop in unit volume of 22.2% year over year. With number of homes sold being so small, statistics get grossly exaggerated so it is important to mention that 6 of the homes were non-distressed sales and 1 was a short sale. No foreclosures sold this month.
Average price per square foot is now $290.07 - an 11.8% increase year over year. Average sales price rests at $382,857 which is 4% higher than it was last January but most homebuyers also bought homes on average 7% smaller so the more accurate figure is the average price per square foot. Median sales price is currently $399,000.
Inventory is at 3.2 months based on the last year of sales and at 3.5 months based on the last six months of sales. There are just 5 foreclosures (2.4 months of inventory) and 12 short sales (10.3 months of inventory) currently left on the market of the distress sales.
