Land Park Real Estate Market Update: July 2009

Hey, welcome back! Since this blog is now part of the family of blogs of Elite Properties, you can now hope to read market updates as well as "ask the Realtor" type of articles along with some real estate quotes and trivia. Today we have a market update for Land Park for the month of July. (Statistics are available for the previous month when we update our database around the fifth of each month.)

Anyway, on to Land Park!

This has been a pretty impressive month for real estate in the Land Park community with unit volume up 108% year over year. 27 homes sold in the area and just 4 of them were foreclosures. None of the 17 short sales on the market sold but home buyers renewed their interest in non-distressed properties with a whopping 23 selling in the month of July.

Average price per square foot is now $257.41, which is a 17.8% drop year over year from a high of $313.20. The average home sold for $384,867 this July which is 4.3% lower than it sold for last July when average price was $402,146. Median sales price rests at $370,000 - 2.8% higher than last July's $360,000. However, keep in mind that the average home sold this July was also 16.4% larger than last July so the numbers can seem a little skewed. The most accurate measure here is the average price per square foot.

Inventory is at 4.8 months based on the last year of sales and 4.4 months based on the last six months of sales. Foreclosure inventory is at 0.4 months.