Locust Curve is a quiet subdivision on Delaware, Ohio’s west side. Unfortunately, for the 343 home owners in the development – which includes me – home sales have also been quiet during the second-quarter of 2010.
Locust Curve Inventory
Inventory is pretty universal way to look at the market. How many months would it take for the current inventory to sell based upon the number of sales in the past “x” months. Industry “experts” state that an inventory number of 6-8 months is considered equal; while anything less than six is a seller’s market; and anything over eight is a buyer’s market.
There are currently, as of July 17, 20 houses on the market in Locust Curve. During the second quarter there were a total of three homes that sold. So their is currently 20 months worth of inventory for sale in the community.
By comparison, the city of Delaware has an overall 7.8 months worth of inventory and the local subdivisions range from two weeks to years worth of inventory.
Why Does it Take So Long to Sell?
This is not an easy – or uniform – answer.
- Holding Values – Compared to its neighbors Locust Curve is holding a stronger value. The three houses – and this does include one HUD bank-owned home – have sold for $97.80 per square foot. By comparison Lexington Glen ($88.41) and Lantern Chase ($87.30) are selling for $10 less per square foot. Locust Curve’s values are on par with Stratford Woods ($95.37) and Cheshire Crossing ($98.88).
- New Building – Among others Ryan Homes has become much more aggressive for moving its product. I believe we are losing buyers to new-built Dominion Homes in Carson Farms; not to mention that M/I Homes is opening Westfield II and opening up Seatrain Drive.
- Stable Development – Locust Curve has gone through its challenges with foreclosures and distressed sales. However, recently the development has stabilized. With 20 active listings and one bank-owned and two short sales, the development has 15% distressed sales. By comparison, 42% of the homes currently on the market in Carson Farms are bank-owned or short sales.
All of these factors combine to limit the number of homes that are selling per month in Delaware, Ohio – and more specifically in Locust Curve.
What is Locust Curve?
Locust Curve is a housing development located on the west-side of Delaware, Ohio. It includes 343 homes and is divided into two sections – The Woods at Locust Curve and Locust Curve Highlands.
Homes in the development include ranch, two stories, and range generally from 1,400 to 2,200 square feet.
The development is completely built-out and has been since about 2002.
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