Not surprisingly, home sales in Northwest Crossing continue to move at a brisk pace. The average days on market dropped to 70 days in April of this year. Note these statistics include both new construction and resale homes; consequently the majority of new construction listings have higher days on the market.
In the history of Northwest Crossing, April 2013 produced the most home sales over any other year. And 10% above the average number of monthly sales over the course of the last eleven years.
Average and Median sale prices were down slightly over last month; however year-to-date the average and median sale prices are above the same values for the last four years. In fact, the recent performance in sold values are within 1% of 2005.
For April, the average sold home was 1959sf, 3 bedrooms and 2.5 bathrooms. 2 of April’s sales were new construction and the balance of 9 were all resale. Year-to-date, 21 of the home sales have been resale homes, while only 11 have been new construction. By merely walking the neighborhood, or driving the streets I wouldn’t have guessed this ratio considering all of the new construction that is underway.
I suspect we’ll see this ratio adjust in the coming months as some of these new homes are completed. Presently there are 11 new construction homes pending sale and 9 resale homes pending sale. Currently there are 9 resale homes and 24 new construction homes available for sale.
Here’s a breakdown of the average cost/square foot:
Resale Homes
- Active – $218.07
- Pending – $206.02
- Sold (YTD) – $213.31
New Construction
- Active – $248.40
- Pending – $251.04
- Sold (YTD) – $237.35
Note that these costs include all residential, detached homes in Northwest Crossing, regardless of square footage. Conventionally, as the square footage of a home increases the cost/square foot will decrease slightly.
Interestingly, for the same period (1/1/12-5/8/12) in 2012 the Sold price/square foot averaged the following:
Resale Homes
- Sold – $180.48
New Construction
- Sold – $217.43
That equates to a 9% increase for new construction and a 16% increase on resale homes.
As I discussed here, development and infrastructure work is underway for Phases 20-22 which is purported to include a total of 61 lots. I anticipate that these lots will be released to the NWX Guild Builders sometime this fall, at the earliest. Now is the time to contact me to discuss your options for a new home in Northwest Crossing. I’ve lived there for 10 years, know the neighborhood and the guild builders well. Call me to schedule an appointment to review options if you’re in the market for a home in Northwest Crossing.
Looking further in the future, subsequent to the development of Phases 20-22, West Bend Property will be looking towards developing the area to the West of Mt Washington Dr. At this point it’s still well in the future however there is a public, informational meeting coming up later this month. If you have any interest in the details, contact me today.
Bookmark this link: http://nwxinfo.com to have access to all of the currently available inventory at your fingertips.
| Year | Month | Sold | Low |
High | Average | Median | Total Volume |
Average DOM |
| 2013 | January | 7 | 285,000 | 725,000 | 393,452 | 335,000 |
2,754,165 |
154 |
| 2013 | February | 6 | 259,900 |
508,500 | 382,217 |
385,000 | 2,293,300 | 127 |
| 2013 | March | 8 | 342,035 |
635,000 | 493,792 |
492,450 | 3,950,335 | 99 |
| 2013 | April | 11 | 295,000 | 555,000 | 422,020 |
443,900 | 4,642,225 | 70 |
| Totals | 32 | 13,640,025 | ||||||
| Averages | 8 | 422,870 | 414,088 | 113 |