43 homes sold in Southwood (SW Champaign location) over the last 12 months. An increase of 43% from the 30 home sales the prior year. Average days on market for closed sales stayed basically the same at 120 days (2 days faster than the previous year).
The average sale price for a home in Southwood was $130,274 for the 12 months ending 6/15/13. Looking at the chart, is seems like average prices are leveling out. A good sign that our local housing market is stable or at least stabilizing. Home values in Southwood peaked in 2007 at $147,728 and have slowly come down to the current average of $130,274
The Southwood Average Sale Price chart very closely tracks how our overall Champaign County real estate market has performed since 2003. A run-up in prices before the national “real estate bubble” and then a slow descent to current levels. Our market seems to be a couple of years behind the national trends. If that is the case we should be poised to see the rebound that the national statistics have been reporting for the last year or so.
Ranch and Tri-Level homes make up almost 88% of the Southwood homes sold in the last 12 months. 2-Story and Bi-Level homes each represent the remaining 12%. There is great variety in the Price/Sqft between home styles but single story homes will almost always have the highest result. In Southwood, ranch homes averaged $94/sqft while Bi-Levels went for $58/sqft.
The only surprising statistic I noticed in the last 12 months was the average days on market for the Southwood neighborhood. 120 days is about 20% higher than the Champaign County average. This is very surprising given the demand for homes in this price point and from both home buyers and investors.
An interesting side-note to the change in average sale price in Southwood is the change in the size of the homes that are selling. You would expect a smaller home to sell for a lower price, right? Well, in the last 3 years the average size of closed sales dropped from 1697 sqft to 1535 sqft.
In fact, the decrease in average sale price of 0.8% matches the 0.8% decrease in the size of the average closed sale. There is definitely a bit of coincidence that the numbers track so closely but the size is definitely one of the top 3 components in determining value.
This is also another great example of why a specific market value analysis on a home is important when you are buying or selling a property. If you have a home in Southwood or are thinking of moving to the area let me know if you have questions on the values and trends. We have the information to answer your real estate questions!