Sand Section Sales & Medians, Apr.-Oct. '07Posted on Monday, December 3rd, 2007 at 6:10am.
Our view here is that everyone ought to have access to good data about the local RE market, regardless of whether they're in the midst of a transaction.
While there is a wealth of information in each of MBC's twice-monthly updates, we have now re-compiled data from April-October of this year for some special reports. This is the second of three data releases, this time covering the Sand Section. (Click here for the story on the Hill Section report.)
You'll need to download a 3-page PDF, either by clicking here (Sand Section Sales) or by using a link in the upper-right corner of the front page under "MB Market Updates."
The spreadsheet has 3 pages, with each looking at the same data on 42 closed sales that occurred in the April-October span of the report in 3 different ways:
- Sorted by Home Condition
- Sorted by Median Price
- Sorted by Median Price Per Square Foot (PPSF)
What do these various sorts show us?
First, the median price for Sand Section SFRs in this period was $1.95m. (See page 2.) There were 21 sales above $2m, and 21 below. Sale prices spanned a pretty wide range – $760k to $10.9m. (That's the difference between 36th Place, up off Rosecrans, and The Strand.)
Second, the median price per square foot settled in at $941 – a big number in itself, but also, intriguingly, 30% higher than the Hill Section figure ($714) that MBC offered the other day. Lot sales could slightly skew that median figure higher. We rated 6 of the 21 homes above $941/PSF as "teardowns," but not all have suffered that fate.
Third, looking at new construction, 3 of the 6 homes offered on the open market wound up taking 10% or more off their initial list prices. By contrast, out of 18 homes we rated as "newer" or "remodeled," just 1 took more than 7% off list to make a deal – 3 got more than asking. These data are signs of market strength, folks, even if half the sample came before the mortgage meltdown. All the big-percentage cuts were in the major fixer/teardown category, the greatest being -$750k/-26% at 1308 Manhattan Ave. (right downtown), which still fetched $2.1m.
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