This week, we did multiple appraisals in the Thorobred East / Normandy Heights neighborhood located in the eastern portion of Owensboro, just off Highway 54 and Thruston Dermont Road. We’re seeing some really interesting trends in this neighborhood (the two are grouped together for simplicity), and thought we’d share them with our readers.
Since 2014, market values have been on quite a ride, with an increase of almost 23%! That’s incredible! However, as the chart below suggests, we might be seeing the beginning of a cooling off period in this neighborhood, not unlike trends we’ve noticed in other Owensboro neighborhoods.
The next chart shows the growth in median sale price, per year, over the last five years. Notice the huge leaps between 2015 – 2018! But just as interesting is the plateau we’re seeing in the last 12 months, compared with the previous 12 months. This further strengthens the notion that values may have already seen their high point.
It should come as no surprise, then, that the days on market trend over the past five years is picking up. That is, the amount of time it takes to sell a home in the Thorobred East / Normandy Heights neighborhood is taking longer now than it did in the lowest period between 2016-2017. While this change is slight, it’s still something we as appraisers will be keeping our eye on in the future.
And since we know that many of our readers like to see what homes are selling for per foot (price per square foot), here’s a couple of charts for you! Note, however, that pricing a home only using ppsf is not advised!
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Helping homeowners navigate the appraisal process,
Ryan Bays, SRA, AI-RRS