It’s January so time to look back at the last quarter of 2018 and get our Mozley Park Market Update for the 4th quarter. If you’re a regular reader you’ve watched prices go up and up in Mozley for the last two years. Our little neighborhood has been discovered by investors and now the flotilla of dumpsters has arrived and you can here the power saws buzzing in the morning.
The Beltline has brought plenty of this interest and as neighborhoods like Westview and West End have become more expense, places like Mozley and Washington Park and Oakland City and Beecher Hills have become new alternatives. With that in mind let’s get to some numbers.
First we’ll look at one year ago. We like to compare year-over-year numbers because that gives us the most accurate comparison. In the 4th quarter of 2017 9 homes were sold in Mozley Park. They sold for an average of about $141,000. Sellers got 114% of asking price and sold in 26 days. These numbers reflect a hot seller’s market with low inventory. That relatively low average price with a hug premium shows that some less expensive investment homes were in the mix and investors competed for them by bidding above the asking price.
Now let’s see how that compares to last quarter. In this quarter 18 homes sold for an average of $216,000. It’s still a strong market and sellers got 94% of asking and sold them in an average of 43 days. Again, these numbers show a strong market.
Now, keep in mind that while values are rising in Mozley Park it doesn’t mean that a home worth $141k a year ago means it’s worth $216k today. No, what has happened is more homes are coming to market after being rehabbed and re-sold. For instance the highest price here was $348k wile the cheapest house was just $58k. That higher price also reflects that the market mix is changing and there are fewer properties still available to be renovated.
These numbers are fun and educational but anytime you’re thinking of selling or buying you need to make sure you find a Realtor that’s experienced and knowledgeable in the area. And if that’s the case then Bottomley Real Estate Group is here to help. Just email us or call us.
All of these numbers are from FMLS and if you’d like to see the raw data then check out the links below.