Oakdale Crossing, Raven Wing, Raven Point – 2017 Real Estate Review
The Oakdale Crossing, Raven Wing and Raven Pointe neighborhoods had a good 2017 in real estate. All three neighborhoods show year over year improvement in sales numbers, distressed property sales and average sales price. They also show a drop in distressed properties (short sales and foreclosures). The five-year sales have increased over 32% from 2013, but the years between 2013 and 2017 were a roller coaster. In every area, these neighborhoods have been up and down.
Oakdale Crossing, Raven Wing, Raven Point: The ups and downs of the past 5 years.
In 2017, total sales for the three neighborhoods were 37. That was a 131% increase over 2016. Ironically, 2016 saw a -40% drop in sales over 2015, but 2015 saw a 23% increase in sales over 2014. Finally, 2014 was down -21% over 2013, and 2013 was down -21% over 2012. The numbers could give you whiplash if you were a seller in these three neighborhoods.
In the current breakdown, Oakdale Crossing had 6 sales, Raven Wing had 17 sales and Raven Pointe had 14 sales. Raven Wing has consistently carried the most sales from 2013-2017. On average, Raven Wing has double-digit sales compared to its immediate neighbors. Raven Pointe rose to 14 in 2017, but it has been below 8 for the past five years. Oakdale Crossing is typically in single digits with 2017 being the highest in the past five years.
Oakdale Crossing, Raven Wing, Raven Point: What’s in a day
Another way to see how the market has improved over the past five years is to look at the days on the market. The average days on the market can be a very revealing number, or it can yield nothing of valuable to the understanding of a neighborhood’s health.
In these three neighborhoods, this is one number that tells the story of the roller coaster ride these neighborhoods have been on over the past five years. The market of 2013 was the first year where real change was noticeable after the down days of the 2008 recession. It was also the lowest days on the market of the past five years. The 2017 days on the market was the lowest since 2013. At 75 average days on the market, it was 15% below 2016, 13% below 2015, 61% below 2014, and 23% above 2013. Again, there was volatility, but these numbers show a market fighting to get back to a healthy norm.
Oakdale Crossing, Raven Wing, Raven Point: Price change
Price change, up or down, can also show a market’s health. The price change in these three neighborhoods has shown the same pattern as the numbers above. The 2013 average home sale was $377,721. That was 8.5% increase over 2012. In 2014, the average sale price was $404,864, but 2013 dropped to $391,483 and 2015 dropped even further at $377,517. The biggest price change happened in 2017. In 2017, the average home sale was $436,964. That is a 16% increase over 2013 and a 16% increase over 2016.
When the numbers are looked at from a distance, it truly has been a roller coaster ride for the past five years. The thing that separates 2017 from earlier years is that all numbers are up except days on the market. That one number is the least important because there are so many factors that can increase or decrease that number, and those factors may not be related to market health.
For instance, a home that is overpriced will take longer to sell. A home that is hard to show will take longer to sell. A home that is in poor condition will take longer and a home that is plain vanilla in a sea of banana splits may take longer to sell. There are so many factors that can lengthen days on the market that it becomes the lessor of the market health parameters.
When you’re ready to buy or sell in any of these three neighborhoods, give Mike Cooper at Cornerstone Business Group, Inc., a call. Mike and Cornerstone are your local real estate sales pros in Oakdale Crossing, Raven Wing and Raven Pointe.
You may also enjoy these previous reports on these neighborhoods and the local market.