Heathrow Real Estate home sales in January 2001 have slightly increased over the same period last year by 1 additional home being sold. The average sales price for January 2011 was $374,058 and the average per sq. ft. price was $134.50 and the days on the market was 84 days. This compares to January 2010 were only 5 homes were sold and the average price per sq. ft. was $331,008 and the per sq. ft. price was $137.16. So, in 2011 larger homes sold at a lower per sq. ft., price. There are 96 properties for sale in Heathrow, 88 are single family homes and 8 are condos or villas. 6 of these homes are bank owned and 18 are short sales, this roughly represents a 25% financially distressed housing inventory in Heathrow.
The following homes sold during January:
- 1559 Farrindon Circ. – condo – sales price $83,000 at $99.76 per sq. ft. – Barclay Place Condos
- 1094 Averdovey Pt. – Single Family – sales price $205,000, at $104,43 per sq. ft. – Keenwicke
- 1152 Chessington Cir. – Single Family – sales price $250,000, at $127.36 per sq. ft. – Keenwicke
- 601 Lakeworth Cir. – Single Family – sale price $250,000, at 132.21 per sq. ft. – Lakeside
- 691 Cricklewood Ter. – Single Family – sales price $700,000 at $182.10 per sq. ft. – Breckenridge
- 1404 Langham Ter. – Single Family – sales price $756,350 at $162.17 per sq. ft. – Reserve at Heathrow
Heathrow’s real estate market for 2011 is going to be challenging because of the resetting on option arm mortgages this year and next year which mainly affects all “A” home buyers in the luxury market, and Heathrow definately is a luxury development. On the bright side Heathrow home sales, there are 15 properties currently pending for sale which represents 15% of the market. At the current sale pace of 6 home sales per month, based on the past 90 day home sales in Heathrow it will take 16 months to sell off the current inventory. At this slow pace of home sales, more foreclosures and short sales can be expected in Heathrow.
