2011 has been a tumultuous year for home sellers, and here in Addison, there’s no exception; 57% of the properties sold were distressed sales -that almost a 10% increase over last year at this time. With nearly 60 % of sellers in trouble or already gone, prices are on the decline.
Between 1/1/11 and late August, 106 single family homes and 48 condo/town-homes have sold. At the same time in 2010, there were 127 single family and 38 condo sales. On homes where square footage data is included the average price per square foot on single family homes is $110, and around $80 on condos. That’s about a 10% decrease in single family and a whopping 50% decrease in last years condos over last year’s average square foot price of around $120 (condos and single family homes)!
The highest priced home to sell this year was $530k. The home was built in 2004, w/over 5900 Sq ft., 5 BR& 3 ½ baths. It was the only home in Addison to sell for over $500k in 2011, but it represents a tremendous value with its location, square footage, and amenities. There were 2 sales in 2010 of homes over $500k. Of the 175 single family homes for sale in Addison, 13 are priced above $500k.With only 3 buyers in this price range in the last year, you can see why it’s tough to sell homes at this price point.
On the other end of the spectrum, the lowest priced unit was a 1 bed/1 bath condo selling at $23,500 when a similar unit sold last year for $49,900. There are a ton of opportunities to own condos at prices far below $100k. In fact, there are decent single family homes available for around $150k. There are great new construction options as well at Armitage Pointe where you can have a home built on one of several available lots, or buy one of the builders models.