The recent sale of 29974 Paint Brush (MLS #2282472) in Hiwan Hills struck me as unusually flat and prompted me to look through the history of that home and how it performed relative to Hiwan Hills over the last 2 and a half years since its last sale. My initial thought was that the seller really saw no appreciation over those months while I have carried a pretty high level of confidence in the market health and price increases this year with the homes I’ve worked on. The home was purchased in 2012 for $695k and sold earlier this week for $698k!
The bottom line is that 2012 was a high point in the market recovery from the collapse in 2008 for prices. While last year (2013) had significantly more sales than 2012, 25 and 16 respectively, the average price of a home in Hiwan Hills sold in 2012 was $476,500 versus, $450,073 in 2013 and 2014 is looking like it will average around $440k. So even though we continue to look and feel like a strong seller’s market the facts seem to show that the pricing is slipping. However, a deeper look at those averages reveal a show stopper of a sale of 3864 Valley at $1,350,000 in 2012. With only 16 sales in 2012 that is an outlier that makes using averages tough!
While I initially wanted to blame the design elements of Paint Brush– with it’s extremely modern architecture and interestingly eclectic blend of modern finishes and rustic, mountain elements for its flat performance over the last 29 months or so I think it is more accurate that the purchase price in 2012 was a little generous and that the overall health of Hiwan Hills helped the seller recover from what could have been a costly mistake.