Homes For Sale in Blackstone, Suwanee - Market Update
I'm putting together a market analysis for a client looking at several neighborhoods. One of the neighborhoods is Blackstone and since I've never written anything about it, I figured that now would be as good of a time as any to post some market statistics for anyone else who might be interested.
Blackstone is a Pulte neighborhood located in the northeast section of Fulton County in the City of Suwanee with its entrance running south off of McGinnes Ferry. The neighborhood itself is one that is remarkably level for the area and that means lots of homes sitting on good lots. It also means more homes on slabs than in some other areas where the topography is more conducive to basements. The neighborhood, like most newer home communities in the area, has swim and tennis. So let's get to some statistics! These were put together to give a broad overview of the neighborhood to either continue looking at or discontinuing and looking and move to something else so they are somewhat general. I have more, but, they are a little too specific for a blog post.
If you are interested, email or call me and I'll be happy to put something more complete together for you. We were looking at some specific floorplans so this is for the 4 bedroom 2.5 bathroom homes in the neighborhood, but, it's a good exercise and is general enough to apply to the Blackstone real estate market.
We are not permitted to use the square feet of a home to assess its value. We can consider it, but it cannot be the basis from which determine value by itself.
- In 2007 there were 8 sales with an average sales price of $356,987.
- In 2008 there have been 3 sales with an average sales price $336,500.
- This is a reduction in value of 5.7%.
Here is the important point. There have been no sales since July. There are 7 homes listed for sale right now plus there is one additional home listed for sale that is under contract that is in limbo. The tax records show it closed in August for $384,000, but, I'm leaving it out for now. It should be closed according to the FMLS, but, I can't get a hold of the agent to confirm it and since these are broad numbers, we can really get what we need without it. It was listed for sale for $399,000. If we exclude the one home that is under contract, the average list price for the homes for sale is $340,571 - included it's about $355,000. From these numbers, a realistic price range in the current market is probably closer to $310,000 - $325,000 for a final sales price and this could rise with a simple confirmation that this is actually closed to something in the $325,000 to $345,000 range simply because a recent $384,000 sale does indicate something significant enough to help hold up prices.
Something helpful here would be to look at the whole Northview High School District where Blackstone is located in. Let’s compare the sales volume drop in Blackstone to that of the Greater Northview School District:
In 2007, 369 homes sold through the first week in November. This year for the same time period, 262 homes have sold. That is a sales drop of 29%. The actual number of sales drop in Blackstone is higher, but, it’s really not a large enough sample of homes to say that it is due to anything intrinsically wrong with the neighborhood.
I know, this is really a quick snapshot, but, it fits in with the same pattern for what is happening elsewhere in North Fulton. If you are looking for something more specific, please don't hesitate to call me.