The graph above, (feel free to click to enlarge) illustrates a 3 year review of real estate activity for the City of Mandeville, South of I-12 and East of Hwy 190. Major subdivisions in this area include; Greenleaves, Meadowbrook, The Reserve, Forest Brook, Hunter’s Glen, Rosedown, The Woodlands, Quail Creek, and many more. This graph tracks the number of new, active, and sold homes, as well the average sales price, on a month to month basis, from March 2007 to February 2010.
Looking at the top part of the graph I see the average sales price for this area has stayed very close to $250K for over a year. This is good, home values are stabilizing. I also see the number of active listings over this 3 year period has reduced by a full 1/3 going from 450 in 2007 to 300 in 2010. Mandeville’s over supply of homes is dwindling and this is good. Fewer listings, higher demand, hence higher values.
Lower down I see the number of new listings on the market has taken a 50% hit over the past 3 years, from 140 or so, down to less than 70 for sure. New construction has been the hardest hit. Now for the sold listings, well… over the last 3 years it looks like what I would expect. A humpback whale several times over. On a yearly basis a real estate market is very cyclical, with peak sales during the summer months and drops during the winter / holiday months. Like rolling hills.
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