English Turn: February 2008 Real Estate Market Update

           

The sales statistics for English Turn subdivision continue to be a popular topic, so I am continuing the series with the February home sales update.

From the chart below, you can see that sales continue to be slow in English Turn.  This is not completely unexpected given that home prices in the community are well above the area average.  While the rate of sales continues to be slow, it is encouraging to note that both sales that closed in February were over $650,000, a portion of the market that has suffered greatly during the real estate market slowdown.

                

• Active listings in English Turn:  36
• Low listing price: $459,000
• High listing price:  $1,300,00

               

The average home sale price in February, 2008 was $777,500, the second highest recorded average in the last year.  Remember, though, that this is based on only 2 home sales in the community.  At the current 90 day absorption rate of 2.3 homes per month, it will take approximately 16 months to sell the available inventory, if no more homes come on the market.  The estimated time for absorption is down slightly from the 17 months projected at the end of January, but the number of homes for sale places English Turn firmly in the category of a buyer’s market.

• Pending sales as of 3/6/2008:  6
• Low list price:  $379,900
• High list price:  $649,000

Need more information on buying or selling a home in English Turn?  Feel free to contact me at lisa@lisaheindelsells.com.  I’ll be happy to assist with all of your West Bank real estate needs.

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Copyright 2008. Lisa Heindel, All rights reserved.