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April 20, 2009

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trying to get more info

Tony,

Do you have any info on the 'average' home sold during the first 4 months of this year vs the 'average' home sold during the first 4 months of last year(i.e. single family home vs town home, square footage, build year, etc)? If the average home being sold this year is a 4000+ sq ft single family home while the average home being sold last year at this time was a 2500 sq ft town home then the "average" selling price indicator could be quite misleading.

Thanks!!

Tony Arko

Thanks for the question regarding the average home being sold. Although this post doesn't make a comparison of prices in 2008 vs 2009 (it compares the price trends not absolute prices) it is still a very good question. If we compare 2009 prices to 2008 prices for the first four months, the difference is $75,000 ($329,000 vs $404,000). The average home sold in 2009 was a 4 bedroom, 2.5 bath house built in 1991 on a lot of 28,000 square feet. The data for finished square footage is incomplete and a lot of times inaccurate. The average home sold in 2008 is a 4 bedroom, 3.5 bath house built in 1991 on a 39,000 square foot lot. So the houses purchased in 2008 have an additional full bathroom and 11,000 square feet more of lot size.

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Wow! thanks for the info. I had a feeling that Loudon was one of those "exception" places because I saw how things were developing in the South Riding area. It seems like a lot of stuff is coming in there! Are there a lot of foreclosures "built up" in Loudon?

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Very informative update! I like the way you delivered your post co'z I really enjoyed reading it. Thanks for sharing.

-joicee-

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