Market Update
GILLESPIE COUNTY RESIDENTIAL (OVERALL) & STONE RIDGE (SUBMARKET)
(As of 5/15/07)
GILLESPIE COUNTY RESIDENTIAL:
SALES FIGURES:
• 2006 YTD total unit sales = 106;
• 2007 YTD total unit sales = 65 (a decrease of 38.6%);
• 2006 YTD sales approximately $25,000,000;
• 2007 YTD sales approximately $21,000,000 (a decrease of 16%);
INVENTORY:
• There are currently 243 actively listed residential units;
• Current sales velocity equates to a 486 day supply of homes;
• Historic (mean) time on market has averaged 180 days;
• This data can be interpreted to mean that a “seller’s market” exists when the supply of homes is less than 180 days and, conversely, a “buyer’s market” exists when the supply of homes exceeds 180 days.
PRICING STATISTICS:
• 12.3% of homes currently available are priced below $150,000 (30 units);
• 37.8% of homes currently available are priced between $150,000 and $299,999 (92 units);
• 25.9% of homes currently available are priced between $300,000 and $499,999 (63 units);
• 14.8% of the homes currently available are priced between $500,000 and $949,999 (36 units);
• 9.0% of the homes currently available are priced between $950,000 and $3,550,000 (22 units);
• 76.13% of all units are priced below $500,000 (185 units);
• 90.95% of all units are priced below $950,000 (221 units);
• On average (YTD) 15 properties per week are being reduced in price.
SOLD UNITS-TIME ON MARKET SUMMARY:
• The weighted average DOM for homes priced <$300,000 YTD is 131 days;
• The weighted average DOM for homes priced between $300,000 and $450,000 is 97.8 days.
• Weighted average is skewed by the fact that there were nearly five times the number of homes sold under $300,000 as there were in the higher range.
STONE RIDGE:
SALES FIGURES:
• 2006 YTD total unit sales = 5;
• 2007 YTD total unit sales = 3 (a decrease of 40%);
• 2006 YTD sales approximately $1,829,000;
• 2007 YTD sales approximately $1,284,900 (a decrease of 30%);
• Original List Price / Sold Price ratio is averaging: 97.42%;
• Final List Price / Sold Price ratio is averaging 97.88%;
• Weighted average sold price per square foot is $160.00
INVENTORY:
• There are currently 14 actively listed residential units (Not including FSBO’s);
• YTD average DOM is 139 days;
• Six of the homes listed have been on the market over 180 days (257 days on average);
• Eight of the homes listed have been on the market less than 180 days (61 days on average);
PRICING STATISTICS:
• 21.4% of homes currently available are priced between $250,000 and $350,000 (3 units);
• 50% of homes currently available are priced between $350,000 and $450,000 (7 units);
• 28.5% of homes currently available are priced $450,000 or greater;
• 42.8% of the homes currently listed have had price reductions (one or more) averaging 6.12%. Of the six homes that have had price reductions, 4 have been on the market over 180 days;
• Weighted average list price per square foot is $158.20
UNSOLD UNITS-TIME ON MARKET SUMMARY:
• The average DOM for homes priced from $250,000 and $350,000 YTD is 143 days;
• The average DOM for homes priced between $350,000 and $450,000 is 193 days.
• The average DOM for homes priced over $450,000 is 64 days.
• Given that only three homes have sold YTD, sold DOM is statistically irrelevant.
INVENTORY PIPELINE:
• There are currently six (6) unsold lots available in various Stone Ridge phases;
• Phase VII of Stone Ridge will bring an additional thirty-five (35) lots to the market within the next 4-6 weeks.
