Highcroft Market Update August 03, 2008

There are currently 18 homes actively listed for sale in Highcroft Subdivision. Including a couple of new listings including:

224 Candia Lane for $428,900

236 Candia Lane for $589,000

Many of the listings in Highcroft have reduced prices in the last couple of weeks:

913 Strathorn has dropped $55,000 from its original price of $634,900 to the current asking price of $579,900.

902 Strathorn has just recently dropped $15,000 to $574,900.

5707 Highcroft has dropped $10,100 after only 30 days on the market to $499,900

Even with these price reductions the average active listing is priced at $147 a sq foot, a pretty decent number. The average sales price per sq ft through 08/01/2007 was $150.01, so far this year $142.

The average sales price in 2007 was 507,000 vs. the YTD 2008 $458,000. This is not a market effect this is due to inventory, in 2007 there were many more homes on the market and many higher priced new builds in the manor section. The average home sold in 2007 was a four bedroom, four bath 3383 sq ft home, in 2008 it is four bedrooms, three baths 3216 sq ft.

Many of the price reduction are not a bad sign for the market or the nieghborhood they are just bringing prices in line, many of the homes with price reductions are now in line with average sales price, not below it.

The current inventory levels indicate at 12 month supply in Highcroft.