Thursday, March 24, 2011

Fitchburg: Seminole Forest

We had a request for a summary of Fitchburg and while I've grouped DeForest sales and McFarland sales, Fitchburg is too big and the market is broad. Fitchburg has to be viewed by neighborhoods. Looking at the 25 sales since January, Seminole Forest had a good group of four so that's the neighborhood I'll cover.

An average first asking price of $400,000 dropped to $389,900 and attracted buyers for average sale price of $378,000. It looks like Seminole Forest owners are ahead of the curve in surrendering to their first price. Their cumulative average time on the market is only a bit over four months. After they make their last price change they have an acceptable offer in about 50 days.

I believe Seminole Forest has long had a better than average attraction. It's one of the few areas that was a wooded area and not a crop field before development. The winding streets and rolling topography, is unique for our market. The proximity to schools and the community pool and tennis courts doesn't hurt. On top of that, the housing stock was built as the country moved out of a hyper-inflation and high interest rate economy. The demand for new construction and quality built homes was high. A variety of builders put their mark on Seminole Forest and the diversity of styles has given the Forest a character that is appealing today. These homes may need some updating, but the location is great so spending some money on the interior is smart.

Let's keep an eye on Seminole Forest. I think it will be a good value this year and demand will be better than average.

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