A common topic on everyone’s mind these days is real estate. Talks of a declining market and possible recession has everyone on edge. But what does this mean to homeowners in Louisburg Square? The average sales price of condo units in Louisburg dropped 10% in 2007 from 2006. Research shows that the worst may be behind us, with 2008 sales prices estimated at a 1 - 2% drop from 2007. Buyers have access to a plethora of information through the internet and are well educated on current home values. Sellers have reacted to this by pricing their units slightly lower than years past in order to compete in today’s market. Homeowners that are looking to sell their unit should also take into consideration that on average, the actual sale price of a unit will be 3% - 5% lower than the asking price.
“The market has seen an increase in buyer activity since the beginning of April, which is a positive sign that the market is ready to rebound,” stated by Madelene Semeria resident of Louisburg Square and real estate agent for Century 21 Abigail Adams. Units that are currently on the market are experiencing a market time of 6 months. Sales in Louisburg have been stale over the past few months with the last sale occurring in Dec 2007. In the past three weeks, 2 units in our development have accepted offers to purchase and are scheduled to close by the end of May. Louisburg continues to be a desirable complex and the rest of 2008 looks bright!
Current Sales Data:
Number of Units Currently on the Market: 7
Median List Price for units currently on the market: $323,400
Sales History:
Median Sale Price 2007: $304,750
Median Sale Price 2006: $338,000
Median Sale Price for a 2 BR unit in 2007: $302,500
Median Sale Price for a 2 BR unit in 2006: $336,500
Median Price per Square Foot: $215 - $220
Information Provided By: Madelene Semeria real estate agent for Century 21 Abigail Adams.
