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January 10, 2006

For Sale: High Point

The Greensboro Regional Realtors Association has put out its fourth quarter 2005 report on the High Point housing market. There's some interesting stuff in there.

Among the notables:

High Point houses that are selling are sitting on the market for less time than they did in the fourth quarters of 2003 and 2004, respectively. In 2003 houses sat for 133 days. In '04 that number was 134. Last year it was 92 days.

The number of houses sold dropped 9 percent compared with 2005's third quarter, when 321 houses sold, and 23 percent from fourth quarter of 2004, when 381 homes sold. In the last quarter of '05, 291 homes sold.

Most of the houses sold in High Point were in North High Point. The 27265 zip code saw 137 home sales. Next best was the 27282 zip code, which includes Jamestown, at 67 homes sold. It also had the highest average home price, just under $199,000.

For comparison's sake, you can check out Greensboro's numbers here.

Posted by Jonathan Jones at January 10, 2006 8:39 AM

Comments

So, houses sold at a faster rate and for higher prices after the Lottery plan was initiated?

You're doing a heckuva job, Terry.

Posted by: Emory Wood at January 10, 2006 11:54 AM

Thanks

Posted by: Terry at January 10, 2006 2:26 PM

Can someone please explain to me the difference between Unadjusted and Seasonally Adjusted home prices? If you take a look at the Unadjusted home prices, it appears that the price of homes in High Point is going down. Is that correct?

Posted by: e at January 11, 2006 9:37 AM

Many houses are selling in Jamesford Meadows at bargain prices due to the school lotto.

Posted by: HowMuch at January 11, 2006 11:28 PM

There is a house in my neighborhood that has been on the market for 20 months. You can see SW Elementary, SW Middle and SW High from the front yard.

The lottery was voted down on December 19 and on December 28th the family received an offer. The buyer said they would have never made the offer without a guarantee of sending their kids to the high school that is so close to the house.

It sounds so logical to us but Realtor Dot never could comprehend.

Posted by: Hello Neighbor at January 12, 2006 3:45 PM

E, I've been trying to get a hold of a Realtor friend of mine to get an explanation of that. But to me it looks like, yes, the prices are going down.

How Much, I was working on a story about the effect of the lottery plan, and folks leaving because of it, when the School Board scrapped it. Several of the families I spoke with lived in Jamesford Meadows, but all of them felt like their homes were retaining value even if it wasn't as much as they would have expected without the lottery plan.

Posted by: Jonathan Jones at January 12, 2006 3:58 PM

A realtor friend of mine just did an analysis of Jamesford Meadows. They have NOT appreciated substantially in the past few years.

Posted by: No Appreciation at January 13, 2006 8:58 AM

Jonathan,

Why don't you still do a story on the effect the Lottery Plan had on the real estate market while the lottery was in place, i.e. rate of sales and decline in prices, if any (or lack of appreciation)......

then compare it to a three month market after the end of the lottery.

Posted by: Barbara Ann at January 13, 2006 9:36 PM

Barbara Ann, that's not a bad idea at all. I'm not sure if the editors would bite, but I'll give it a shot. I'm curious to see what happens in the next few months, especially after the redistricting is accomplished, to the High Point housing market.

Posted by: Jonathan Jones at January 16, 2006 8:09 PM

I'll just tell you right now that there are so many families holding their breath and hoping that map D is passed. If C is passed there will be a run on private schools and people moving (most likely out of the county). I know personally of at least 5 families just in my neighborhood.

Posted by: Annette at January 27, 2006 6:57 PM