There has been reasonable activity in Pimmit Hills this year. It seems like investors and homeowners are realizing the value of the community. The last few offers I made on Pimmit Hills homes competed with multiple offers from other competing agents with the sales price ending up at or above asking price. There have been 16 homes sold in the first 5 months of the year. 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 $374,646.
Homes on average sell for 94% of the original list price. They sell for 99.3% of the final list price. So, if you are looking to purchase in Pimmit Hills odds are that you will be paying close to the current asking price.
Pimmit Hills Sold YTD: http://matrix.mris.com/Matrix/Public/Email.aspx?ID=31152557099
If we look at the number of pending home sales in Pimmit Hills as of 06/02/2009 we get a number of 22. This indicates quite a jump in the activity as the average closing time is in the 45 day range. 10 of these are short sales though, so the majority of these may not be closing. On the other hand the success rate for short sales seem to have gone up a bit lately.
Eleven homes are currently available for sale in Pimmit Hills. Of these only three are listed below $400,000. If you would like the current list of homes for sale, please email me.
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 1 pre-foreclosure, 3 upcoming auctions and 6 bank owned properties. Most of the bank owned ones have already been listed or are already under contract/sold.
Moving on to rentals the prices have remained pretty steady. There are currently 7 properties listed for rent ranging from $1,700 for a 4br/1ba to $5,500 for a 6br/8ba(...). As can be seen on the below graph, the rents for a typical 3br/3ba 1 level rambler has remained at about $1,550. Rents are pretty seasonal so the average for the year should get back to normal when we get some good summer months in to bump the average a bit.
For investors the GRM is getting better and better. The rents may be stagnant but with the price fall the first few months this year the ratio of rents to purchase price has been getting better and better and are now 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 $8,000 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.
Are Andresen
Broker, Soldsense Realty LLC
"Your sixth sense in real estate"
