Reaching for new Heights?

June2014b

Brittan Heights home prices have risen about 50% in value since 2011. Although the market continues to do well recently, it almost seems like prices peaked out late in 2013. In 2013 we saw three 2/2 units sell for in excess of $650,000 while in 2014 we’ve only had one unit to date. It appears that the market is settling, the 2/2 units are selling for between $600,000-$650,000 depending on their condition and location. The 3/2 units are selling for closer to between $650,000-$700,000; also depending on their condition and location.

There is currently a 2/2 unit that was priced at $669,000 which took 38 days to go the contract and here’s another one still for sale at the same price that is been on the market for 22 days.  It will be interesting to see the resulting sales prices on these units. However, the fact that it took so long to find the buyer for the first and the second one is still on the market, tells us something about this market. There are also three other units currently for sale, the results of these units I think will give us some real insight into the direction that this market is heading.

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