Ghosts of Christmas weeks past
January 1, 2008 at 9:35 am , by Jenel Looney
Sales over this past week have been understandably slow. Too slow, in fact, to do any meaningful analysis. So I decided instead to compare Georgetown, Texas home sales for the week of December 24 through December 31 (eight days, actually) for each of the past ten years.
| Individually, the average home here in Georgetown hasn’t changed much. Three bedrooms, two baths, two car garage. In 1998, the average home sold during Christmas week was built in 1989. Nine years old. In 2007, the average home sold over this week was built fourteen years earlier. That number surprised me somewhat. With the number of homes being built in our area, I would have thought that the average home sold today would be younger than the average home sold ten years ago. The average lot size these days is about half what it was ten years ago. |
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| The square footage figures were a little tricky. From 2003 backward, the search results brought up several homes that showed a square footage of zero. Most but not all of these were built in the year they were sold, so the number probably hadn’t been finalized. I simply disregarded these homes when coming up with the average square feet and the price per square foot. |
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| It’s fun to look at these charts and try to analyze why things happened the way they did. For example, only in 1999 did homes sell more quickly than they did this year (over Christmas week, at any rate). Then in 2000, we saw a dramatic rise in home prices. Makes sense, doesn’t it? Homes sold very quickly because buyers saw them as bargains. Sellers then realized they could probably get more money for the homes, and they were willing to wait a little longer for those sales. This past week, the homes that sold were active on the market an average of 49 days. I think this is because they were priced very well. We’ve seen significant price reductions around here over the past couple of months. These homes sold quickly because they were priced right in the first place. The quickest sale came after only 13 days. |
Category Georgetown Real Estate / Tags: /
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