After steady increases during the past five years, property value measured by Closed Sales Price and by Closed Price/LIVing Area decreased during the past six months. Measured by Closed Price/LOT Area, value continued to increase. The decrease occurred as a result of four sales last October and November, two on SE 9th St, one sale on SE 7th St and one on SE 11th Ct, which taken together averaged $467,250 and $289/LIV—well below the average trailing 12 of $770,436 and $338/LIV.
Average annual rent continued to increase. Decreases in property valued trailing six bent the price/rent ratio below Moody’s Long-Run Affordability (15.87).
Frequent closings continued: 79 trailing 24 months, 37 trailing 12, 19 trailing six; 15 in the SE sector; 14 in the SW sector; six NW and two NE. By Closed Sale Price, SE ranked highest, $956,933; followed closely by NW, $951,125; NE ranked third, $750,000, and; SW fourth, $496,100. 13 out of 14 sales in the SW sector were below Long-Run Affordability.
BEST UNDER MARKET LISTINGS: SE—1115 SE 7th St; NW—704 SE 5th Ct; NE 909 SE 6th St; SW 706 Ponce.