Market Update – Feb 2017

Wilton Manors Homes for Sale
Market Update – Feb 2017

Here is my February 2017 market update for Wilton Manors Homes for Sale – Kevin Wirth Realtor

Key Real Estate Facts
  • Larger than normal Inventory of Wilton Manors Homes for Sale fluctuating between 90-100 Homes for Sale
    – Prices range from $249,000 just under $2 Million
    – Median List Price $529,900
    1 out of every 2 homes for sale has lowered their price!
    – Currently we have 7.5 Months of Supply
  • Strong Pending Sales -Averaging 20 – 25 Homes
    – Median Days on Market – 46 Days
  • Strong Sales Last 6 Months 80 Homes Sold
    (period 8/10/2016 – 2/10/2017)
    – Median Sales Price $392,500
    – Median Days on Market – 70 Days
    – Median Sales Price to List Price – 93%
    – Highest Volume of Sales Activity $350,000 – $399,999

Wilton Manors Homes for Sale
Inventory Levels

We currently have a larger than normal Inventory of Wilton Manors Homes for Sale with homes for sale fluctuating between 90-100 Homes for Sale!

Typically there are 60-70 Wilton Manors Homes for Sale

Our market analysis report for these homes is presented below

$$  Beds/Baths SF/FF List Price
High 7 / 6 4,300 $1,999,500
Low 2 / 1 1,125 $249,000
Avg 3 / 2 1,980 $553,493
Med 3 / 2 1,785 $529,900

We can see from this report that the average price for a Wilton Manors home for Sale is $553,493 – this being for a 3 bedroom 2 bathroom home of 1980 square feet with a list price to square foot price of $309.00

We can also see that the median list price for Wilton Manors homes for sale is $529,900this being for a 3 bedroom 2 bathroom 1785 square foot home with a list price to square foot price of $304.00

It is important to note that in physically reviewing price changes or pricing adjustments for Wilton Manors Home for Sale we noted that – over 1 of every 2 homes for sale have lowered their price!

Wilton Manors Homes for Sale
Inventory by Price

Here is our market summary report showing a breakdown of Wilton Manors homes for sale by price range

We can see from this chart that

Price Range Quantity
$200,000 – $249,999 1
$250,000 – $299,999 2
$300,000 – $349,999 11
$350,000 – $399,999 10
$400,000 – $449,999 12
$450,000 – $499,999 10
$500,000 – $549,999 11
$550,000 – $599,999 12
$600,000 – $699,999 16
$700,000 – $799,999 3
$800,000 – $899,999 4
$900,000 – $999,999 2
$1,000,000 or over 3
Total 97

 

The highest inventory of Wilton Manors homes for sale are homes priced between $600,000 – $699,000 with 16 homes for sale.

It is important to note however the inventory of Wilton Manors Home for sale from $350,000 – $599,000 – with 10-12 homes across the 5 different price ranges.

Wilton Manors Homes for Sale
Pending Sales

At the time of writing this report there are 24 Wilton Manors Homes for Sale that are under contract and are pending sale.

Here is our market summary report for these Wilton Manors homes.

 $$ Beds/Baths SF/FF List Price
High 5 / 3 3,596 $699,900
Low 2 / 1 1,195 $288,000
Avg 3 / 2 1,892 $459,896
Med 3 / 2 1,693 $419,450

We can see from this report that the average price for a Wilton Manors home pending sale is $459,896 and the median price is $419,450.

It is important to note that we currently have a strong level of Pending Sales – which has typically averaging 20 – 25 Homes

Also important to note is the Median Days on Market for Wilton Manors homes pending sale – which is currently at 46 Days.

Days on market is the time from when the home was listed for sale till the home went pending.

Wilton Manors Homes for Sale
Sales Last 6 Months

We have had strong sales of Wilton Manors Homes for Sale.  Over the last 6 Months there have been 80 Homes Sold! (this covers the period 8/10/2016 – 2/10/2017)

Our market summary report for these homes is presented below.

 $$ Beds/Baths SF/FF Sale Price
High 4 / 5 7,535 $870,000
Average 3 / 2 1,899 $432,620
Median 3 / 2 1,683 $392,500

We can see from this report that the average sales price for Wilton Manors homes sold over the last 6 months has been $432,500 – this being for a 3 bedroom 2 bathroom home of 1899 square feet with a sales price to square foot price of $261.00

We can also see from this report that the median sales price for Wilton Manors homes sold over the last 6 months has been $392,500this being for a 3 bedroom 2 bathroom home of 1683 square feet with a sales price to square foot price of $263.00

Also important to note is that the

– Median Days on Market for Wilton Manors homes sold over the last 6 months has been 70 Days

– Median Sales Price to List Price has been 93%

This means if a Wilton Manors home for sale is listed for $500,000 then it could be expected to sell for 93% of list price or $465,000 

Wilton Manors Home Sales
Inventory by Price

Here is our market summary report showing a breakdown of sales of Wilton Manors homes over the last 6 months by price range

We can see from this chart that

Price Range Quantity
$149,999 or under 1
$150,000 – $199,999 0
$200,000 – $249,999 2
$250,000 – $299,999 7
$300,000 – $349,999 21
$350,000 – $399,999 10
$400,000 – $449,999 5
$450,000 – $499,999 15
$500,000 – $549,999 4
$550,000 – $599,999 3
$600,000 – $699,999 5
$700,000 – $799,999 6
$800,000 – $899,999 1
Total 80

We can see from this report that the highest Volume of Sales Activity has been for Wilton Manors homes selling in the $350,000 – $399,999 price range with 21 Wilton Manors homes sold.

We can also see that the next highest Volume of Sales Activity has been for Wilton Manors homes selling in the $450,000 – $499,999 price range with 15 homes sold.

My Thoughts / Summary

There is currently a great range of Wilton Manors Homes for Sale – a level of Inventory that we have not seen in the last 5 year or more.

This high level of homes for sale is creating a buyers market – and sellers are responding to this by lowering prices. 

Over 1 in 2 home sellers have lowered their price.

Important to note however is that both pending sales and recent sales of Wilton Manors Homes are strong…

Given the damping effect on Wilton Manors Homes for Sale of the recent Presidential Election and the recent increases in interest rates and forecast increases in interest rates – I personally think now is a great time to be buying a Wilton Manors Home!

Kevin Wirth Realtor

I hope you have enjoyed our February 2017 real estate update on Wilton Manors Homes for Sale

Kevin Wirth P.A. Realtor
954-459-0337