2011 - END OF YEAR REPORT - KING'S CREEK COUNTRY CLUB

After a very slow start, Kings Creek  finally started to move in the 4th quarter with four of the six closings during the year.  There were three closings on King's Creek Circle, 18, 29 and 134.  Properties went for $475,000 (215 DOM), $640,000 (473DOM) and $625,000 (1288 DOM) respectively.  4 Black Walnut Court sold for $515,000 after only 87 DOM, 27 Patriot's Way went for $408,000 after 759 DOM and 6 South Fieldway went for $890,000 after 1569 DOM.  That's an average price of $592,167 and 732 DOM.  Sellers got only 62% of their original asking price.  There is one property under contract waiting to close, 119 King's Creek Circle which was priced at $654,000 at time of contract after 631 DOM.  It had originally been listed for $929,000.  There are seven active listings with prices ranging from $550,000 to $950,000 and an average of 447 days on the market.  (I did see the "short sale" on Mitchelmore Court go under contract last week so this will bring the number down to six active).  This housing downturn has really slowed the movement in the price range found in this upscale community.  The peak is considered to have been 2007 when KCCC saw 10 closings with an average price of $1,139,000 and 351 DOM.  In 2008 there were six closings with an average price of $718,000 and 379 DOM, 2009 saw only three closings at an average price of $843,000 and 698 DOM and in 2010 there were six closings with an average price of $705,000 and 297 DOM.