January 2017 Pin Oak Village Real Estate Market Report
In January 2017 Pin Oak Village had 8 homes listed on the market, 1 of which is still active.
The 7 that are pending spent an average of 90 days on market with the longest at 335 (note: the two pulling down this number spent 217 and 335 days on market and were distressed properties; so if I take out those outliers then the average days on market have been 11.6); the days on market of the remaining active home is 643.
I’m going to provide price per sq ft information differently for Pin Oak. Here is my reasoning: out of these 8 homes, 4 are two story homes and 4 are one story homes. All 4 of the two story homes are either distressed or needed to be completely updated (meaning it was built in the 80’s and hadn’t seen any form of updating). The average price per sq ft for these 4 two-story homes was $71.38. Turning to the 4 one-story homes: one of these was a distressed property and priced at $94.23 per sq ft. The other 3 are nicely updated and ranged from $105.82-121.02 per sq ft. The average for these three one-stories is $114.72. (Note: the one-story that was priced at $121.02 per sq ft contracted 3-4% below it’s list price and even at that reduction did not appraise. This is one of the risks sellers assume when they price their home significantly over market value. When I last spoke with the owner, they were fighting the appraisal report and trying to renegotiate the contract).
No homes actually sold in Pin Oak Village in January. February’s report will be interesting as we’ll be able to see the final sales prices of the majority of these pending sales.
A months of inventory report shows Pin Oak Village at 0.5; Months of Inventory estimates the number of months it will take to deplete current active inventory based on the prior 12 months sales activity. This indicates that it is a HOT seller’s market in Pin Oak Village.
NOTE: due to incorrect subdivision input by agents into the MLS this data may contain a few outliers from the subdivision that may affect the data slightly.