There is nothing but great news for the real estate recovery and growth in Hawthorn Woods property, as reported by the John Herman Team after reviewing statistics from the past 12 months.
Nearly every category shows improvement over 2012 and 2011.
The overall number of homes sold over the past 12 months increased by 60.5% for detached homes. In 2012, 86 homes were sold in Hawthorn Woods, and in 2013 there were 138 homes sold. Movement in Hawthorn Woods attached homes were wasn’t quite as brisk, with 10 sold in 2012 and 7 in 2013, a 30% decrease. Inventory is down for the year, with an average of 7 homes on the market at any given time during 2012 and 3 to choose from in 2013, a 53.5% decrease. Similarly in detached homes , supply was weak. In 2012 there was an average of 86 homes on the market to select from and in 2013 just 79 were available. This was a 7.9% decrease.
Homes were selling faster as well! In 2012 the average time on the market for attached homes was 280 days, while in 2013 the number was 56 days. This is an 80% decrease. For detached homes these figures went from 216 days in 2012 to 145 days in 2013, a 32.9% decrease. These numbers are even better than 2 years ago when 223 days were recorded for attached homes and 208 for detached.A trend in increasing prices is shown over last year, and it appears that 2012 may have been the dip in the market. The average price of an attached home in Hawthorn Woods in 2011 was $294000, in 2012 it dipped to $285000, and in 2013 rebounded to $312,500, a 9.6% increase. Similarly for detached homes, in 2011 the average price was $431000, in 2012 a 2.6% decrease took that price to $420000, but in 2013 a 7.8% increase raised the figure to $452602.
The months of supply of homes has steadily decreased since 2011 in both attached and detached properties. In attached homes in 2011 there was an 8.1 months supply, in 2012 that fell to 5.5 months and in 2013 it plummeted to 2.3 months, a 58.6% decrease. In Hawthorn Woods detached homes the numbers were 18.2 month supply in 2011, 10.8 months of supply in 2012 and in 2013 just 8.6 month supply, a 20.2% decrease.New listings in attached homes was on the light side with 8 added in 2013, a 52.9% decrease from 17 in 2012. There were 10 in 2011. There were 253 detached single family homes added to inventory in 2013, compared with 208 in 2012, a 21.6% increase.