June 2017 was an active month for Saginaw home sales as homeowners took advantage of the recent appreciation in our area and investors cashed out their equity. The average home sold for $188,370. This average home was 1870 square feet and was built in 1992. These statistics for the average home reflect the sales of large, expensive newly constructed homes, but the median price of $176.500, size of 1663 square feet and year built of 1998 reflect the number of older homes sold last month. June is often the best month of the year for home sales, and sellers took advantage of the selling season. Buyers paid at least $160,000 for houses built after 1980.
Three newly constructed homes were sold, one in the Dominion, one in Creekwood and one in Saginaw Springs. Of course, these numbers only reflect the new construction sold through agents and our multiple listing service, not homes sold directly by the builders. These homes had been on the market for from 118 to 259 days. The sales prices for these homes ranged from $305,000 to $339,000 for homes 2384 square feet to 3160 square feet.
Last month the trend was the sales of homes in our established neighborhoods. Five homes sold in Rancho North with price ranges of $136,000 to $159,000. Seven sold in Saginaw North with prices from $65,000 to $154,900. Sellers of these homes were purchasing newer, bigger homes or moving away from the area or were investors selling to take advantage of the recent home appreciation. Highland Station had five sales with an average price of $176,550, and one amazing sale of $318,000 for a home built in 2000. This home on Topeka Drive featured an inground pool plus 4176 square feet. It sold in six days at above list price. By contrast only two homes sold in Heather Ridge, a newer subdivision in 76131. Excluding new construction, only three homes built in the last ten years were sold.
The average buyer paid the list price for a Saginaw home last month. As sellers continued to receive multiple offers, the prices would have been even higher if the bank appraisals had not reduced the contract sales prices for some homes before closing. Twenty homes sold for more than the list price, and six homes sold for 100% of list price. When sellers had well kept, move-in ready homes, they sold quickly for list price or more. A buyer might find a fixer upper with a seller who will accept a lower price than list price, but buyers should not expect to have low offers accepted by Saginaw sellers. If the house is in good enough condition for the home to qualify for a loan, the seller probably does not need to negotiate the price very much. Other than new construction sales, only four homes sold for less than 95% of list price. One of these was my listing at 1129 Dennis where the bank appraisal reduced the final sales price.
How long did homes stay on the market in Saginaw in June? The median days on the market was five days, and the average was 25 days. The difference in these statistics reflects the speed of sales of homes that are less than $200,000 and the expensive new construction. The days on the market increases as home prices compete with new construction, which start at about $200,000 in neighboring areas of Fort Worth. Thirty- three existing homes sold in less than two weeks. Only four homes that were not new construction were on the market more than two weeks. The new home on Mangrove Trail was on the market for 259 days.
If you are thinking of selling, contact me before the busy summer real estate season ends. Call me, e-mail me or send me a text message requesting an updated, free comparative market analysis for your home. Let’s meet, and I will explain how you can take advantage of this incredible market and my marketing skills and experience. If you are considering buying a home in our area, I can set up a special, online search for you that sends you information about new listings within minutes of when they go on the market. We can schedule a showing immediately. I look forward to serving you.
– Kathleen Wheeler –