Sat., April 17, 10 a.m. - noon, near Mayfair Park
FREE with 2010 paid MNI membership, or $15 for non-members.
This is a great opportunity to professionally dispose of sensitive financial, medical and other personal records or information.
Limit 3 boxes per individual.
By David Bromberg
My year-end analysis for the Mayfair area homes (6th Ave. to Colfax Ave., Colorado Blvd. to Monaco Pkwy) shows a steady decline in homes sold over the past 5 years (see table below). This may be a combination of the worsening economy and a stabilizing neighborhood. The decreases in average sale and median prices in 2009 was a function of a change in the mix of homes sold changes and downward pressure on price. I was surprised to see big jump in average square footage since the scrape activity has slowed. The corresponding decrease in price per square foot (PSF) makes sense. This inverse relationship reflects the fact that smaller homes still have the expensive rooms.
A few interesting facts are buried in the details. There were twice as many homes sold in 2009 vs. 2008 over 3,000 square feet (17 vs. 8). There were far fewer homes sold in the 1,500 to 2,000 square foot range (8 vs. 21). In 2009, Jersey St. had more sales (11) in 2009 than any other street. The 700 and 1200 blocks through the neighborhood had the most sales with 25 each.
The tax incentive for first-time homebuyers stimulated the lower-end of the market last year. The tax credit was extended into 2010 and enhanced to benefit move-up buyers. Homes must be under contract by April 30 and closed by June 30. This should shift the busy season up this year--hopefully it will not have the same market impact as the “Cash for Clunkers” program. Both buyers and sellers have been waiting to see where the market is going. Unfortunately nobody has a crystal ball to foresee the future, but if you need/want to buy and/or sell, it is not a bad time to do so.
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| Based on Information from Metrolist, Inc. for the period Feb-01-2010 through Feb-01-2010. NOTE: This representation is based in whole or in part on data supplied by Metrolist, Inc. Metrolist, Inc. does not guarantee nor is in any way responsible for its accuracy. Data maintained by Metrolist, Inc. may not reflect all real estate activity in the market. |
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