The fan features 900sf ranch homes (certainly rare) to 6,000sf Victorian homes. Here we've run data from 2023 to see what trends emerge. We'll start with the price trend of the area.
After a strong 2023, the fall/winter seasonal slump has set in. Marketing time have begun to slowly increase (likely to be seen through Feb 2024), and price trends are flattening. Now let's dive into the nitty-gritty....
Firstly, as square footage rises, we see an increase in values. Nothing earth-shattering there.
Obeying economy of scale, we see that value per square foot falls as square footage increases. Don't price your 6,000sf home based on the 600sf homes $/sf value.
In higher price points we see a decline to 0% in concessions, with the area peaking at 3% concessions in the last year.
Properties listed near their final sales price tended to contract in under 14 days in the last year. If you currently have your property on market and are approaching 30 days, there is a higher likelihood that a 5-15% price cut is in your future.
Most notable is the difficulty of larger homes in the market to achieve a accurate listing price. While 600-3600sf homes sold at or near their list price, a disproportionate number of larger homes sold 10% below their original list price. If you have a unique home, secure an appraisal in the listing of your home!
Should you convert a space into a 7th bedroom? NO, there is no market for a property with 7+ bedrooms. Homes with 3-4 bedrooms are most market typical and likely to receive market acceptance. If your home is worth less than $1,000,000 4 bedrooms is more than enough.