Brightmoor offers families a great community at an affordable price. Located just outside of downtown Matthews; it's convenience to shopping and major highways makes it an attractive location for families.
The market has seen an upswing in the last few months and closings are expected to rise through June as buyers rushed to take advantage of the expiring tax credit. So, some of the numbers may reflect that rise in buyers moving quicker rather than waiting.
However; the trends are showing a gradual and steady increase in the neighborhood. We probably will not get back to pre mortgage crisis sale price numbers but at least the market is starting to show signs of stabilizing.
The trends over the past three years have shown an average of one home a month selling in the subdivision. Three years ago 14 homes sold there. Two years ago it was also 14 homes and last year ending on June 1, 2010 there were 13 sales in brightmoor.
The pricing trends have stabilizied in the past year. The average sale price in Brightmoor for the past 12 months has been $203,569.00 based on 13 sales with the average home on the market for 89 days.
Some things to take iinto account is that there were some foreclosures that sold. In fact, there were 2 that sold in the past 3 months that have driven the average price down. They sold for an average of $142,500.00.
To be fair it was nto like people were getting that great of a deal on the homes. Neither home qualified for financing with teh FHA. In fact, one home was sold for cash only because of the extent of work that the home needed. Factoring in the repairs needed to bring the homes up to standards and average home prices have been pretty stable for the past 18 months.
Currently, there are 12 properties listed for sale in Brightmoor with an average sale price of $220,933.00. Taking out the two homes that needed work the asking prices were an average of 4% greater than the average sale price.
David diCecco
Realtor/Broker
www.davedicecco.com
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