Single Story Homes It has long been said that a single story home sells for more. Since homes differ quite a bit from each other such generalizations can be as tough to prove and disprove. But let’s dig in. You may find it interesting to know that the area of East Lake, with its 2,240 homes, there have been around 400 standard sales since January 2009. Between January 2009 and 2012 about 140 of those standard sale homes have been single story, about 35%. That’s a big number. In 2010, 37 sold, in an average of just under 84 days selling for an average price of $328.18/sqft. In 2011, 30 sold with an average DOM of 83 days for an average of $321.52/sqft, and in 2012, 30 sold with an average DOM of 71 days for an average of $338.33/sqft. Homes that were not single story had these statistics: In 2010, roughly 69 standard sale homes sold with an average DOM of 77.5, at an average price per square foot of $310.63/sqft. In 2011 about 41 standard sale homes sold with an average DOM of 96.5 days and an average price of $306.84. And in 2012, about 61 homes sold, having to wait on market an average of 61 days, and selling for an average of $309.46/sqft. What we see is that they do sell higher, sometimes a lot higher. Overall we would say they might take a little longer so sell. The average home size for these 400 homes is about 2,260 and the average lot size is about 13,00sqft. If we run the same numbers up in Kerrigan Ranch, where the average home size is 4,467sqft and the average lot size is 9,725sqft we see that the results are even more dramatic: In 2010 just one standard sale single story home sold for an average of a whopping $432.89/sqft in 158 days. In 2011, those numbers shifted to two single story standard sale homes at an average of $375.33/sqft in 65 days. And in 2012, there was just one single story standard sale home sale that sold for 353.36/sqft, in 13 fast days. Conversely, in 2010 there were 9 two story standard sale homes that sold for an average of $316.39/sqft in 54 days. In 2011 there were seven homes sold for an average of $312.68/sqft, with an average days on market of 94 days, and in 2012 there were 11 two story standard sale homes that sold for an average of $299.46/sqft in 149 days on market. Again we see single story homes selling higher and faster. Now let’s look at the $2M and up market. There have been 75-80 standard sales of homes in this range throughout the communities of Yorba Linda, Anaheim Hills, Fullerton, and Diamond Bar since January of 2009. Only five of them have been single story homes. I’m discounting one sale in 2010 because it blew all the averages. It had a story all its own that would just skew our research. In 2010 was one single story standard sale home sales above $2M, selling for and average price per square foot of just $318.18, in 53 days. In 2011 just one sale took place for about $349.74/sqft in 55 days. And in 2012, three standard sale single story homes sold for an average of $385.68/sqft with an average days on market of 53 days. Conversely in 2011 13 homes with more than one story sold for an average of $415.10/sqft in 187 days. In 2011 that number adjusted to 19 homes sold for an average of $389.67/sqft in 97 days. And in 2012 18 standard sale homes sold with more than one story for an average of $362.22/sqft with 89 days on market. Are there possible negatives to single story homes? Yep. As I have noted in past posts, the market fluctuates, neighborhoods fluctuate, and in general it is a bad idea to generalize. What could be a reason why a single story home would not sell as high as a two story home? Imagine a market where there are lots of homes on the market and buying confidence is high. – like right before the recession. I did this research back then and the number did turn out as well for single story properties. These are some things about a single story property that could turn off, or turn down, a buyer: First, most folks buying homes are fine with the stairs, so they don’t see why they should pay a premium for a single story home. Second, single story homes tend to have less square footage and take up more space on the lot so there is less yard, and less living space as well. For some buyers that is going to make a big difference. There will always be those folks that need a single story home. Usually they are older buyers and usually they are downsizing. If your single story home is huge, on a smaller lot, you might not get as much love as you’re expecting. The point though, is that the market needs to be aggressive and perfectly aimed. The realtor needs to work hard, there needs to be video, and lots of open houses. This is how you get the money, single story or not. tomkoel/fromtaiwan tomkoel/nosecretbuyers htti://tomkoel/moreopenhouses or for the smartphone/tablet thingy – tomkoel/mobileVids/fromtaiwan tomkoel/mobileVids/nosecretbuyers tomkoel/mobileVids/moreopenhouses
Posted on: Mon, 29 Jul 2013 19:00:04 +0000
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