Sproul Estates Top Price In 2011 -110 Cameron Drive – $309,900
Sproul Estates activity during the year of 2011 mirrored the general trend in the Wallingford market – the number of sales increased, but sale prices decreased.
Ten homes sold in Sproul Estates during 2011, compared with 5 during 2010. The average price was $249,955 – median price was $241,375. In 2010 the average sales price was $283,000, and the median sales price was $275,000. This translates into a 11.7% decrease in the average sales price between 2010 and 2011.
Seller’s Assists were very popular with buyers in the community this year. Seven homes had a Seller’s Assist, a rate that is much higher than the local market in general. Assist amounts ranged from $5,000 to $13,500, which drove the net amount to the seller down even further. Factoring in the average Seller’s Assist of $6,126, the average net selling price was $243,829.
As a resident of thhis community I have an keen interest in keeping in close touch with neighborhood real estate activity. I have visited all the listings that have been on the market in Sproul Estates this past year, and I have two observations pertaining to home values in our community. In my opinion prices were adversely affected by two factors this past year – Bank Owned properties – aka Foreclosures, and long time owners who sold this year.
Bank Owned properties accounted for 3 neighborhood sales in 2011. These foreclosures sold for an average price of $216,883 compared to the average price of non-foreclosure homes at $264,271 – a -17.9% difference in selling price. Appraised values take into account recent neighborhood sales, and foreclosures contribute in part to a lower valuation of homes in the community, especially when they comprise 30% of the housing stock that has sold. The sale price 0f the bank owned property at 103 Micahels dipped below the $200,000 mark – selling at $198,000. Prior to this transaction the last sale in our community that was below the $200k mark was in December 2001.
Another factor depressing community prices this year were 3 homes being sold by long time residents. In my view these home were “tired” and in need of updating to bring them in line to what today’s buyers are looking for. To get top dollar in this neighborhood the biggest value add changes that you can undertake is the removal of the wall between the dining room and kitchen, and updating of the kitchen.
110 Cameron Drive – Updated Kitchen
Both top price selling homes this year featured these changes.
I had the listing at 110 Cameron Drive on the market for 3 days, and the first people through the home purchased it for full asking price, largely in part to the remodeled kitchen and dining room.
SPROUL ESTATES HOMES SOLD – 2011
| Address | Bed | Bath | Price | Settled |
| 118 Governors Drive | 3 | 1.5 | $268,000 | 01/27/2011 |
| 110 Canterbury Drive | 3 | 1.5 | $250,000 | 02/22/2011 |
| 123 Westminster Drive | 4 | 1.5 | $232,750 | 04/08/2011 |
| 130 Westminster Drive | 4 | 1.5 | $298,500 | 05/20/2011 |
| 116 Cameron Drive | 4 | 2.0 | $278,500 | 05/31/2011 |
| 114 Governors Drive | 3 | 1.5 | $227,000 | 01/27/2011 |
| 110 Cameron Drive | 4 | 2.5 | $309,900 | 08/03/2011 |
| 209 Stanford Drive | 3 | 1.5 | $219,900 | 09/23/2011 |
| 103 Sharlow Drive | 4 | 1.5 | $217,000 | 11/14/2011 |
| 103 Michaels Lane | 3 | 1.5 | $198,000 | 11/21/2011 |
These 10 Sproul Estates homes sold for an average price of $249,955, and were on the market an average of 81 days, fetching 94.76% of original asking price, and 97.07% of last asking price.
Days On Market
119 Governors Drive – 170 days
110 Canterbury Drive – 48 days
123 Westminster Drive – 42 days
130 Westminster Drive – 5 days
116 Cameron Drive – 283 days
114 Governors Drive – 49 days
110 Cameron Drive – 3 days
209 Stanford Drive – 54 days
103 Sharlow Drive – 119 days
103 Michaels Lane – 36 days
Sproul Estates Sales – 2010 vs 2011
| SALES | AVERAGE | DOM | STL TO ORIG | STL TO LAST | |
| 2010 | 5 | $283,000 | 82 | 91.36% | 95.50% |
| 2011 | 10 | $249,955 | 81 | 94.76% | 94.76% |
| 100.0% | -11.7% | 3.4% | -0.74% |
