As you may well know the Northridge community is one of the most desirable in the city. In my research, which focused on the eastern half of the community, I found that the majority of homes in the community sell within three weeks. These quick sales are surely encouraged by the low interest rates available to us over the past year. that is signoficantly quicker than neighborhood listings from October 2013- October 2014, which typically lasted just under two months. Often clients ask us if they should list their home or buy a home first. Though I typically advise on the side of caution, these quick sales would suggest that a seller in this community is safe to look for and purchase a new home prior to listing their current one.
Interestingly, the research also suggests that pricing is key to ensuring a quick sale. The research shows that the homes that stayed on the market longer typically had the greatest gap between the listing price and the sale price. If priced accurately, a home in this neighborhood will likely sell within three weeks.
One thing that surprised me in my research was that, over the last two years, The average sale value has dropped in the community. It is worth understanding the reason for the reduction in neighborhood value. As I mentioned before, low interest rates are at play in your community. While they are clearly bringing more buyers in, they are also encouraging owners in the area to take advantage of the rates and move on to higher priced homes.
It would seem that the supply of homes available fro sale in your community has slightly outpaced the number of buyers. From October 2013-October 2014 there were 17 sales in your community. The following year there were 29. That's 70% more listings in the neighborhood between those years. Though sales were quick, they did not retain a gain in value because of the greater competition; more listings were in competition against each other which drove both the listing and the sale averages lower.
For more information on this community, the research conducted, or for any other Real Estate inquiries feel free to reach out to me by phone or text at 519 719 6537, or by email at firstname.lastname@example.org