Well, Summer is technically over and it’s time for an update on the Turnberry Ridge Housing Market. This post will focus specifically on the zero-lot history for the Turnberry Ridge Subdivision as of September 25, 2009. I’ll update this with a link to the Single Family Homes and Condo Market info later this week.
Turnberry Ridge Facts (as of 9/25/09):
- There are 6 zero-lot residences actively listed for sale in the CCAR MLS.
- In the past 12 months there have been 9 closings.
- There are currently 0 pending sales
- The number of sales is basically the same as last year (decrease of 1 sale)
Zero-lots in Turnberry Ridge have stood up to the overall slowdown in the condo/zerolot market in Champaign County fairly well. Demand has stayed relatively strong and the supply has not gotten out of hand although you can see from the graph that we are likely to see a predictable increase in these homes on the market as winter approaches.
The overall Champaign zero-lot market averaged 100 “Days on Market” (the period from listing date to an accepted contract) while Turnberry Ridge averaged just 60 days. This is an impressive number as it even beats the 73 day single family home average for all of Champaign. Turnberry Ridge has struggled a bit this year with the list price to sale price ratio. For the prior 12 months ending 9/22/09 Turnberry zerolot Sellers averaged 95% of their asking price, down 1% from 96% in the same period last year. The overall Champaign SP/LP ratio for the prior 12 months came in at 95.4%, down from 98% last year a significant decrease. When comparing Turnberry Ridge to Champaign in this category you can see that it’s sellers are having an easier time justifying their sale prices.
If you are looking at zerolots in Turnberry Ridge keep in mind that the 95% ratio can help you get ideas on the neighborhood but it is simply an average. If you make an offer on a property make sure your agent talks to you about comparable sales and the recent sales activity for similar properties so you can identify the true market value of the property right away and not miss out on a great opportunity.
www.ChampaignValues.com – Find Your Properties Estimated Value Instantly!
www.ChampaignExperts.com – Search the Entire Champaign County MLS