What a difference a year makes! 4th quarter 2014 had more than 3 times the activity level in our market as the same quarter in 2013, with 10 closes vs only 3 in 2013. The good news for sellers is the price per square foot average is up by 2% and the median price point is up by 12% in the Spring Canyon market. Buyers need to stay on their toes and watch carefully for new listings, as the days on market average is also faster at only 40 days to close on average.
Interestingly, the usually quiet Silver Oaks neighborhood has the most recent activity, with 3 sales during the 4th quarter 2014 and another 3 homes are currently listed. Two of these are already under contract within the first week of listing, and the 3rd, 3501 Silver Trails Drive priced at $350,000, has a 3 car garage, a fenced yard and unfinished basement. I will preview this home soon. The new school at the entrance to Silver Oaks may be playing a part in some turnover, and obviously with the activity in sales there are ready buyers to purchase there. Within the Fox Hills neighborhood there is a listing at 2627 Kit Fox Ct that is a short sale – not so common these days but the seller received an offer with a list price of $425,000 the first day it was listed. Tax records show a value of $475,800 for this home and the sales price is yet to be seen.
In sum, spring of 2015 will have fresh activity and increased home values in the Spring Canyon market assuming the last few months are an indication.