The overall Belle Hall real estate market has been quite interesting this year. In order to get some good perspective on what has been happening, it is important to break down the market into two categories: Belle Hall and Hibben. The markets are reacting very differently in these two categories. Let’s take a look at some of the data for this year compared to 2008:
Hibben Real Estate Activity is Up, But Prices Down
Through July, there were 11 home sales in Hibben compared to 9 sales through the end of July, 2008. This is good news, but there continues to be a lot of pressure on pricing. Below is some key data on the Hibben homes sold this year compared to last year:
2009 – 11 sales at a median price of $728,000 or $203 per square foot
2008 – 9 sales at a median price of $655,000 or $239 per square foot
As you can see, the median price is actually $73,000 higher than last year, but the average price per square foot received for these homes is down 15% from 2008. The higher median price is simply a function of a few more higher priced homes selling this year than last year. With only 11 homes sold to use for analysis, the median price can rise or fall significantly with just 1 or 2 new sales.
Currently, there are 26 homes for sale in Hibben. Assuming that the rate of sales so far in 2009 continues, there are currently 16 months of available inventory in Hibben.
Belle Hall Real Estate Sales Down YTD
For the rest of Belle Hall real estate market, the story is slightly different. The number of homes sold in Belle Hall is down 34% in 2009, which is a sharp decline compared to the same period last year:
2009 – 19 sales at a median price of $270,000 or $161 per square foot
2008 – 29 sales at a median price of $310,000 or $167 per square foot
In addition, median price is down 13%, but price per square foot is down only 4% from last year. So, pricing for the rest of Belle Hall has fared somewhat better than Hibben, where the more expensive homes are being discounted a little more heavily in order to get them sold. Also, there is more demand for homes in the $250K to $300K price range, therefore pricing pressure is less severe.
Currently, there are 26 Belle Hall homes for sale (excluding Hibben). At the current rate of turnover, there are approximately 10 months of available inventory in the Belle Hall real estate market.
Please feel free to contact me if you have any questions about this update or if you have any other real estate questions. Also, if you would like more information on the state of the local market, please take a look at my new real estate market statistics page on my web site to see graphical representations of trends in the market for Mt. Pleasant as well as other local communities.