Uncategorized October 19, 2017

Tam O’ Shanter Real Estate Update

When it comes to buying or selling a home for sale in Tam O’ Shanter, making sure you are armed with accurate information is the best way to have a successful experience. As a local Tam O’ Shanter realtor, I take great pride in  utilizing the NWMLS’s Info Sparks, which provides up to date info on the median and average sold price, how many days homes are sitting on the market, price per square foot and so much more. Knowing what is happening with real estate in Tam O’ Shanter is crucial whether you are a seller or a buyer. As a seller, you get an idea of how long, on average, your home could sit on the market, what a good list price is as well as the square footage costs. As a buyer, you can feel confident that you made a competitive offer as well as have a good idea of what you could spend on real estate in Tam O’ Shanter. In a market that has low inventory like this neighborhood, the more you know, the better chance you have at not only finding that dream home, but also having your offer accepted. So how are we doing in the neighborhood? Let’s take a look!

The good news for buyers is that the average sold price is up 23.6% at $867,985 while the median is up 17.8% at $766,500.  This increase reflects the change compared to this time last year, but this is also up just from last month as well. The average percentage of list price is 105.4%. This means that homes are not only getting asking, but over, in most scenarios and basically indicates your negotiation power. The average price per square foot is up 15.9% at $387. Another number that is up from this time last year AND last month. This is all good news for sellers as it further proves now is a great time to list. Of course working with a Tam O’ Shanter realtor can give you a more hands on experience as well as a detailed market analysis. New listings are also up 4.6%, which is good news for buyers as the local Tam O’ Shanter real estate needs the new inventory with all the buyer demand. Unfortunately, homes for sale in Tam O’ Shanter are down 2.6%, but thankfully that is a minimal decrease. Pending sales are up 11.4% and closed sales are up 5.2%. Median days on market is 7 while the average is 18. This means that homes are pending within less than a month, which continues to enforce the fact that Tam O’ Shanter real estate is indeed a competitive market, which is why working with a Tam O’ Shanter realtor is more important than ever. They can help you navigate this process as you search for a home for sale in Tam O’ Shanter. Especially since the month supply is currently at 1.1. A balanced market is when there is a 6 month supply.

As previously mentioned, aligning yourself with a Tam O’ Shanter realtor is a great way to achieve this with minimal stress or head ache. For more information on real estate in Tam O’ Shanter, give me a call. I would be happy to help!