Tracking the Price per Square Foot
April 17, 2008
One of the statistics I have enjoyed tracking is the price per square foot at which residential properties in Redlands have sold. I started doing this calculation when I was first licensed in 1976. At that time, the median price per square foot in Redlands was $47. When we became computerized, I gave up tracking this number. That was approximately 1997.
As I try to get a handle on the present real estate market in Redlands, and to aid prospective sellers in establishing a present fair market value for their properties, I decided to calculate the prices per square foot in the month of March 2008 and the month of March 2007.
Some caveats:
This calculation does not take any other attributes of the property into consideration. It is purely mathematical based on the square footage of the residence and the selling price reported in the IMRMLS. In general, if the residence is located on usable acreage, the price per square foot does come in higher.
The results: In March 2007 there were 10 properties that sold above $300 per square foot. The actual range of the 58 properties reported sold was $135. to $435. In March 2008 the price per square foot ranged from $148 to $264. The median in 2007 was $255. and the median in 2008 was $201.
It will take more than one month to speculate on what all this means, but if I were listing my house in today's real estate environment and I really needed to sell, I would consider what price per square foot I am asking.
One of the statistics I have enjoyed tracking is the price per square foot at which residential properties in Redlands have sold. I started doing this calculation when I was first licensed in 1976. At that time, the median price per square foot in Redlands was $47. When we became computerized, I gave up tracking this number. That was approximately 1997.
As I try to get a handle on the present real estate market in Redlands, and to aid prospective sellers in establishing a present fair market value for their properties, I decided to calculate the prices per square foot in the month of March 2008 and the month of March 2007.
Some caveats:
This calculation does not take any other attributes of the property into consideration. It is purely mathematical based on the square footage of the residence and the selling price reported in the IMRMLS. In general, if the residence is located on usable acreage, the price per square foot does come in higher.
The results: In March 2007 there were 10 properties that sold above $300 per square foot. The actual range of the 58 properties reported sold was $135. to $435. In March 2008 the price per square foot ranged from $148 to $264. The median in 2007 was $255. and the median in 2008 was $201.
It will take more than one month to speculate on what all this means, but if I were listing my house in today's real estate environment and I really needed to sell, I would consider what price per square foot I am asking.
posted by shirley harry at 8:11 AM
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