Continued low inventory and low interest rates helped fuel the Woodland market in the third quarter. Values were up double digits from the same quarter a year ago and home sold more quickly.
- One hundred and sixty-one (161) homes (detached, half-plex, and condos) sold in the third quarter which is a 28% decrease from the same quarter a year ago.
- Average home value for the quarter was $385,224 which is a 15% increase from the same quarter a year ago.
- Average square foot price increased 12 percent to $213 in the third quarter from $190 in the third quarter of 2015.
- Homes were on the market an average of 26 days which is a 33 percent decrease from the same quarter a year ago.
- Fifty-one percent of homes sold below list price compared to 29% that sold over list price.
|Woodland||Q3 2015||Q3 2016||% Change|
|Sale price to Original list price||98.8%||99.2%||0.4%|
|Price per Square foot||$190||$213||12%|
|% Sold below list price||64%||51%||-20%|
|% Sold over list price||23%||29%||28%|
The majority of home sales or 94% were detached homes.
- The average sale price for detached homes was $393,000.
- Detached homes sold on average in 27 days.
- Condos only made up 2% of total sales.
- The average sale price for condos was $211,000.
- Condos were in high demand, selling on average in less than 10 days.
- Halfplexes made up only 3% of total sales.
- The average sale price for halfplexes was $295,000.
- Halfplexes also in high demand sold quickly.
|Sale price to Original List price||99%||99%||100%|
|Price per Square foot||$214||$216||$173|
|% Sold below list price||51%||60%||25%|
|% Sold over list price||30%||20%||25%|
Average Home Sold in Q3
The average home sold in Woodland in the third quarter had 3 bedrooms, 2 bathrooms, 1,813 square feet of living space, was 38 years of age and was situated on a 6,800 square foot lot.
By Price Range
Sales in Woodland ranged from $100,000 to $899,999. Over 90 percent of sales were between $200,000 and $600,000. The hottest price range was $300,000 and $399,999. There were 75 sales and the average days on market was 22 days within the $300,000 to $399,999 price range.
Over 80% of home buyers took out a mortgage to purchase their home in the third quarter. FHA loans made up 18% of financing. Cash sales made up only 14% of total sales. And VA made up approximately 7% of total sales.
Fourth Quarter Forecast
For the fourth quarter we are forecasting sold prices to decrease; day on market to increase; number of sales to decrease; inventory to decrease and interest rates to rise.
Find out the value of your home in this market by following the link. Or contact us today to learn more about the buying and selling process.