Hey, it’s Dustin with the Davidson Group here with another market update. This week, we’re going to narrow into a specific neighborhood. We’re going to talk about Loma Linda. There’s been a lot of activity going on in Loma Linda I’ve had. I’ve had a listing selling there. I’ve had some buyers that have tried to get into a home in Loma Linda, and so I thought it would be really fun to just talk about the specifics of that neighborhood and see what’s been going on over the past couple of months for this year of 2021.
So let’s go ahead and jump in.
OK, so the timeframe that we’re talking about are the beginning of January through the end of April.
And we’re looking at a year over year comparison. Last year we had 12 homes that were active and on the market. During those time frames. This year we’ve only had four. That’s almost a 70% difference in active listings or availability to the market. When we look at where we’re at under contract, we put four homes under contract versus the seven homes that we put last year. You think that that may be odd because we’re in a sellers market, but it’s because of the lack of availability. We don’t have as many homes to put under market or put under contract in this market, so.
Our percentages there are 43% less than the year previous, which would have been 2020 when we’re looking at the number of homes sold though, we’ re actually dead on. We’re right on as far as number of homes sold year over year, last year versus year over year this year, even though we have those inventory shortages.
The reason why I wanted to jump in and actually look at Loma Linda is is I previously had a listing there. It sold in like 4 days with multiple offers and typically Loma Linda is a little bit lengthier timeframe.
It’s a specified market because it’s so close to Joplin, but at Seneca Schools, and so we don’t have as many people that are looking to live there. It is,
or could be considered a retirement community or destination community because of the golf course, but it’s just a unique dynamic and so I thought it was, it was an interesting point because the same weekend that my house went on the market, there was another house that went on the market and it sold also that weekend. Couple weeks later house hits the market actually have some buyers that were trying to go in and look at that house and they actually cancelled our showing because they received an offer that was sufficient to the sellers. I don’t know if there were multiple or if it was just a single one.
But there are a lot of people that are looking to be in Loma Linda right now, and there are definitely not nearly enough homes solve that one if you could not nearly enough. If we look at the active properties, there’s actually only one active residential property in Loma Linda as we speak, or at the time of shooting this video.
And this year we’ve got six pending in six closed, so houses are going up for sale. They’re going under contract, and they’re closing the importance behind this is.
There is a.
A very feast or famine type mentality. For Loma Linda. We have homes that were built in the 80s, built in the late 70s and some of them have been updated and some of them haven’t. We’ve got homes that were built within the past couple of years and so we have this range of homes, range of styles and updates, and so it’s really taken all kinds that are coming into the neighborhood and wanting to be in that neighborhood.
Our price points have risen year over year. Where actually at the moment were sold over $95 a foot for our median sales price. When you think about a home that is 40 years old, hasn’t been updated versus that home, that’s brand new. That’s really a pretty high median price point per foot anyway, to know that those homes are selling for? I know a few years I would have been in the $70s, the mid $70s and those newer homes were selling in that $90 to $95 range.
Now those newer homes we had one that sold for almost $140.00 a foot, so we’ve really got the swings there and in the neighborhood when we look at the year over year numbers again and median sales price so Loma Linda homes are typically a larger home. We have a lot of basements. Sometimes we have this upper upper stories, so we’ve typically got good space in the neighborhood, but we’ve grown 32% year over year, so 2020 to 2021, grown by a third. That’s huge. Some of that is due to
some updates some changes to these homes in particular, but by and large that’s strictly the market saying, hey, there’s not enough inventory and we’ve got buyers, and we’re willing to pay well and above well and above over asking price to get into them.
You know this neighborhood…
We’re talking about specifically, I’ve got some some real life experience over the past couple of months and trying to be in it selling a home, trying to buy some homes so it’s wore on me in that regard, but I’d like to continue to do this for other neighborhoods as we continue these market updates and talk about those specifically, just to see if these trends continue throughout, or if these are just neighborhood specific.
That being said, we’ll have another market update next week. This covers for this week. We may do some bigger statistics talking about the state of Missouri.
Where it stands as far as numbers compared to year over year and the trends that we’re seeing for the entire state obviously our Southwest corner… We don’t do nearly the volume and we don’t have nearly the price points as a Saint Louis at Kansas City. Even places like Columbia and Jeff[erson] City.
Anyways, this has been our market update here. Hopefully this is found some enjoyment to you. Hopefully you’ve learned a little bit of information. If you were in the neighborhood. If you want to find out specifics about your home and what that looks like, growth trends year over year or what’s happening around you, feel free to reach out to me. You can drop a comment. You can reach me out directly. You can also call and text.
Hope to see you soon.