March Market Update for Southern Hills/Wellshire

March 27, 2015
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SOUTHERN HILLS FEBRUARY MARKET UPDATE

Four houses sold in Southern Hills in February and provided great insight into sales strategies that are working and some that aren’t. Two of the homes were priced perfectly, went under contract within 4 days and sold for asking or over asking price. The other two homes that sold last month had been on the market for over 90 days and finally sold once the prices were brought down to fair market value. It just goes to show that while this may be a seller’s market, homes that are over-priced will sit on the market until price adjustments are made. We’re continuing to notice an upward trend in pricing for this area, which is not surprising given the lower inventory levels. Our YOY comparison shows an increase in median sold price from $418,000 in 2014 to $590,635 in 2015.