The State of Real Estate in Murphy Creek
This week our Guest Writer for the MCGC Neighbors News Blast is Rhonda Schriner. A resident of Murphy Creek since 2006, Rhonda is a Real Estate Broker Associate with Your Castle Services. Based on her experience in the Murphy Creek market, she is providing all of us with an update on the state of real estate in our neighborhood.
A couple of weeks ago I was asked if I would like to be a guest writer and put together some information on the current status of real estate in Murphy Creek. For simplicity, I created a chart of that activity over the past 13 months so we can see an August to August comparison. To view a larger image of the chart click here.
The overall median price range has remained steady, however take a look at the median days on the market. Now take into consideration the amount of active listings this August compared to last August and you begin to see a change in the seller’s market.
Even though there are fewer than half the active listings this August than this time last year, the median days on market have almost doubled. This indicates that the strong seller’s market is beginning to ease. Whether this is an indication of the overall market trend or just the usual seasonal dip as we get further into the winter months, it still shows that sellers should expect longer waits between listing and going under contract.
So, the good news for sellers is that inventory remains low which increases your chance of successfully selling your home.
The good news for buyers is home prices have come down considerably since the market crash and may remain that way for some time. And although lending restrictions remain tight, interest rates are still favorable.
Century Community builders is completing the build out of the remaining 27 vacant lots in the first phase of Murphy Creek. This addition should help increase our overall home values, plus it will bring in additional HOA fees to help fund the community’s facilities such as the clubhouse, pool, common areas, etc. As the market is changing, we should continue monitoring the status of the second phase of development located just south of Jewell and east of Gun Club Road.
We want to thank Rhonda for taking the time to prepare and share this information. If you would like to receive her monthly newsletter, email her a request with “Please send me your Newsletter” in the subject line.