If you’re planning on selling a house in Morningside any time soon, you should be pleased with the chart below. I’ve been slicing and dicing data on the area, and thought it would be interesting to share my findings:
1. It’s Easier To Spend Over A Million Than It Is To Spend Under $500,000- Really amazing the different four years makes when it comes to real estate. There was a time- way back in 2011- when 49 homes under $500,000 sold in the area, while 13 over a million traded. Last years totals capped a four year trend: only 16 under $500,000 and 28 over a million.
2. The Story Is Probably More Exaggerated Than The Numbers Suggest- The reality is that 28 is probably a low number. The majority of homes selling at this price point are new construction, many of which never hit the FMLS (our data source). And if we were to dig in the 16 that sold under $500,000, we’d also find several tear downs (that will eventually be rebuilt and sold for, you guessed it, over a million).
3. I Have No Idea What Happened In 2012- Only 104 homes sold and a whopping 92 days on market. Honestly, I have no analysis or color for this one. If you have an idea as to why 2012 sticks out like a sore thumb, I’d love to hear from you.
4. Happy Sellers– Higher prices, favorable list price/sales price ratio and fewer days on market. If you’re selling in this area, you should be happy. Historically speaking, these are the days.
The Relevant Linkage
Source: FMLS; Morningside Neighborhood/Morningside Elementary