Remember the real estate crash back in 2008 when prices tumbled due to the banking crisis? I would like to put a little perspective on that and show you how real estate is one of the best investments you can make.
In 2007, real estate prices in our neighborhoods of Laurelwood and San Mateo Knolls peaked at a median sales price of $1,037,500. In 2008 when the crisis hit prices dropped by roughly 7% and the median sales price was $965,000. However, if we compare the “peak” sales price of 2007 to the median sales price in 2015, we see an incredibly impressive 45% increase! There will always be ups and downs in the real estate market, but as you can see, real estate is a very strong long term investment.
And now, as usual, let’s take a look at the housing statistics for Laurelwood/San Mateo Knolls…
Housing Statistics For Laurelwood and San Mateo Knolls/Laurel Creek (SFR)
|October 2015||November 2015||December 2015|
|# of New Listings||5||2||1|
|Lowest Priced New Listing||$1,405,000||$1,625,000||$1,075,000|
|Highest Priced New Listing||$1,599,000||$1,700,000||$1,075,000|
|Median Price of New Listing||$1,395,000||$1,468,000||$1,075,000|
|# of Closed Sales||4||6||2|
|Avg Days on Market||26||31||13|
|Lowest Priced Closed Sale||$1,499,00||$1,220,000||$1,625,000|
|Highest Priced Closed Sale||$2,375,000||$2,210,000||$1,700,000|
|Median Closed Sales Price||$1,580,000||$1,482,500||$1,662,500|
It will be interesting to see what the new year brings!