Glenshire Subdivision – May 2008 Real Estate Market Update

Real Estate Market Summary – 1/1/08 thru 5/13/08

The following data is taken from the CCAR MLS as of 5/13/2008

Year Average List Price Average Sale Price Median List Price Average Days on Market # of Closed
Sales
List Price to Sale Price Ratio
2005 $209,042 $197,400 $205,900 38 12 94.4%
2006 $212,450 $208,585 $214,900 55 12 98.2%
2007 $197,908 $193,096 $194,900 97 13 97.1%
2008 YTD $212,291 na $213,000 na 0 na


Looking at Glenshire as an individual market is a little tough to do because of the small number of sales every year so these statistics need to be incorporated with a view of the overall real estate market in Southwest Champaign. (if you are interested in that info please contact me)
In general, Glenshire has followed the general trend in the local real estate market with longer days on market following 2005. The average sale prices have remained strong with a dip in 2007 that can mainly be attributed to 9 of the 13 homes that sold that year being smaller than 1900sqft in size. Another sign of strong demand in Glenshire is the tightening of the List Price to Sale Price Ratio. This is the average percentage of asking price that a home seller is receiving in Glenshire Subdivison.
The item that really caught my attention so far this year is that there are no closed sales in Glenshire for 2008. I think this is an anomaly from the relatively small size of the subdivision but it will be interesting to watch for the remainder of the year.
There are currently 11 homes in Glenshire actively marketed through the MLS averaging 76 days on the market.

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