There was an increase in activity in Pimmit Hills in 2009 showing that investors and homeowners still realize the great value of the community.
Entry level homes sell quickly and lots of investors are working in the neighborhood to renovate and sell homes. There were 49 homes sold in 2010 versus 45 homes sold in 2009. The lowest price was a 3br/1ba rambler at $279,900. The max price was a 5br/4.5ba new construction foreclosure at $720,000. The average price for all homes sold was $367,254.
Homes on average sell for 96.8% of the original list price. They sell for 101.1% of the final list price. So, if you are looking to purchase in Pimmit Hills odds are that you will be paying about the current asking price.
Pimmit Hills Sold 2009: http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=587050XA2RI&p=DE-99114533-80
If we look at the number of pending home sales in Pimmit Hills as of 01/14/2010 we get a number of 10. This indicates a pretty stable activity as the average days on market is about 60. Five of those 10 are short sales and two are foreclosures. The success rate for short sales does seem to have gone up from 2008 to 2009 while the number of foreclosures have been relatively stable (see pie charts.) About 1/3rd of the sales in Pimmit Hills were a short-sale or a foreclosure.
Three homes are currently available for sale in Pimmit Hills. The lowest priced one is $765,000. If you would like the current list of homes for sale, please email me at are@tysonsliving.com .
To get a better understanding of the overall price curve in the neighborhood we need to compare apples to apples. I have therefore tracked sales of 3br/1ba 1 level ramblers in the neighborhood over the last couple of years. It makes it much easier to see what the trend is as the mix of homes sold continuously changes skewing the min, max and average sales price.
As can be seen from the above graph, the average sales price is trending downwards and are back to 2003 levels. Based on the last few sales, the number of pending properties and the limited supply I do not see the prices currently going much below $300,000. Rather, if the current market conditions persist, the price should trend upwards. This could change if there are a lot of foreclosures coming up, so looking at the upcoming foreclosures on Realist I found 2 pre-foreclosure, 4 upcoming auctions and 6 bank owned properties. Most of the bank owned ones are already listed or are already under contract/sold.
Moving on to rentals the prices have remained pretty steady. There are currently 6 properties listed for rent ranging from $1,400 for a 3br/1ba to $3,000 for a 4br/3.5ba. As can be seen on the below graph, the rents for a typical 3br/3ba 1 level rambler has remained in the high $1,500's.
For investors the GRM is getting better and better. The rents may be stagnant but with the prices falling further this year the ratio of rents to purchase price has been getting better and better and are now almost back to 2002 levels.
Pimmit Hills is a great neighborhood and the prices have not been this low in many years. Coupled with the low interest rates and the potential to qualify for the tax credit this is an excellent time to buy. If you would like to discuss selling or purchasing in Pimmit Hills please give me a call at 703 560-3424.
Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"
