FUN WITH NUMBERS

KrisBerg05 a.jpgIt’s not quite month-end yet, but thought it was time to check in on the statistics for April.  These stats are for single-family (detached) homes in Scripps Ranch, but I suspect similar trends would be found if other communities were analyzed. A picture is worth a thousand words, so here goes:

  NUMBER OF HOMES
AVG. $/SF
AVG. DAYS ON MARKET
ACTIVE LISTINGS:
135
$361
52
SOLD IN APRIL AS OF 4/28/06:
21
$353
56

An interesting point here is that 50 of the 135 homes currently offered for sale in Scripps are priced over $1,000,000 (approximately 39%), while only 2 (approximately 1%) of the sold homes was valued at more than $1,000,000.  Guess what the buyers are buying?

Now, if you break down the “sold” numbers by home size, here is what happens:

HOMES SOLD IN APRIL (AS OF 4/28/06)

  NUMBER OF HOMES
AVG. $/SF
AVG. DAYS ON MARKET
<2100 Sq. Ft. 12
$372
41
>2100 Sq. Ft.
9
$327
76

I went through this exercise to underscore the well-known rule that smaller homes tend to command a larger price-per-square foot, as they should.  The reason, of course, is that inherent in the value is the “dirt”, with the lot being the most important component in our area of the value equation.

Finally, a look back at the “average home” sold in April, 2005 reveals that 41 homes sold (versus 21 this month), and the average size was 2515 square feet (versus 2203 average square feet this month).  True, April isn’t over yet, but today is our last recording day as we head into the weekend.  Something to think about while you are at the beach.

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