Valuation Report

Report valid for April 27, 2024

3 BEDROOMS 2 BATHROOMS 1643 SQFT

JUSTIN CROY

justin croy@exprealty com

(904) 803-7897

(904) 803-7897 justin.croy@exprealty.com justincroy.exprealty.com

eXp Realty in Northeast Florida

eXp Florida Corporate Oce: 10752 Deerwood Park Blvd Suite 100 Jacksonville, 32256

Presented by: Justin Croy

3934 MEEK DR

3 Bedrooms | Living Area Size 1643 sqf t Repor t valid f or 4/27/2024

COMPARATIVE MARKET ANALYSIS

Simply put, a Comparative Market Analysis (CMA) is used to help estimate the value of a home A CMA helps identify & analyze a property’s value based on sales of “comparable” homes and market trends

COMPARABLE CRITERIA REVIEW

At a minimum, comparables must match the following criteria:

1,314 - 1,972

MOST RECENT SOLD

CROY

$380,000 - $390,000

$379,000 – 2233 MAPLE LEAF DRIVE E 3 bed, 1,734 sqft, 2mi away A

$350,900 – 4047 MEEK DRIVE

3 bed, 1,616 sqft, 0.19mi away

SOLD $420,500 – 3997 RAINTRE 3 bed, 1,793 sqft, 0 47mi C AVERAGE OF CLOSED COMPS

RECENT ACTIVE $219 – 2233 MAPLE LEAF DRIVE

3 bed, 1,734 sqft, 2mi away

MOST RECENT SOLD $217 – 4047 MEEK DRIVE 3 bed, 1,616 sqft, 0.19mi away

Justin Croy

2233 MAPLE LEAF Drive E

COMPARABLE DETAILS

Distance: 2 mi away

Comp Type: Active

Year: 1953

Bed Count: 3

Bath Count: 2 (Full: 2)

Living Area Sqft: 1,734

Full Lot Sqft: 9,583

Basement: none

Garages: 0

FEATURES

Pool Air Condition

LISTED INFO

Listing Date: 04/20/2024

DOM: 7

MLS ID: 2021216

Property Type: Single Family

4047 MEEK Drive

COMPARABLE DETAILS

Distance: 0 19 mi away

Comp Type: Sold

Year: 1962

Bed Count: 3

Bath Count: 2 (Full: 2)

Living Area Sqft: 1,616

Full Lot Sqft: 10,890

Basement: none

Garages: 2

FEATURES

LISTED INFO

Sold Date: 04/05/2024

COMPARABLE DETAILS

Distance: 0 47 mi away

Comp Type: Sold

Year: 1973

Bed Count: 3

Bath Count: 2 (Full: 2)

Living Area Sqft: 1,793

Full Lot Sqft: 11,761

Basement: none

Garages: 2

FEATURES

LISTED INFO

Sold

03/01/2024

PRICE PER SQUARE FOOT ($/SQFT)

COMING SOON ACTIVES PENDING CLOSED $224

1,400 1,500 1,600 1,700 1,800 SQFT $250,000 $300,000 $350,000 $400,000 $450,000

PRICE PER SQUARE FOOT

WHAT IS PRICE PER SQUARE FOOT?

The average price per square foot is calculated by dividing the list/sold price by the property’s living area size.

HOW IS PRICE PER SQUARE FOOT USED IN A PRICE ANALYSIS?

On its own, the price per square foot is not a very insightful metric However, when compared to other similar-sized properties in the area, the price per square foot metric can be benecial for illustrating norms and outliers

$150,000 $300,000 $450,000 $600,000

2%

Pricing Rate of Change

PRICING RATE OF CHANGE

LIST PRICE CLOSED PRICE

WHAT IS PRICING RATE OF CHANGE?

Pricing rate of change is the difference between the list price at the start of escrow and the sold price at the close of escrow.

HOW IS PRICING RATE OF CHANGE USED IN A PRICE ANALYSIS?

The pricing rate of change can help determine momentum and gauge the possibility of a multiple offer scenario Given that the data’s crux is rooted in sold data, it is imperative to remember what has happened and does not necessarily represent recent trends or what might currently be happening in the active market.

$250,000 $300,000 $350,000 $400,000 $450,000

SELLING PACE

Half of closed comparables took less than 27 days on market

WHAT IS SELLING PACE?

Selling pace highlights the days on the market from the original listing date to the closing date of each comparable against the nal closing sale price.

HOW IS SELLING PACE USED IN A PRICE ANALYSIS?

Examining days on the market in the same view as sold price can help pinpoint whether pricing affects the selling pace of comparable homes in the neighborhood In a market with low buyer momentum, a property that’s priced too high can sit too long and lead to costly price reductions

FRESH/STALE

currently on the market, where they are located in relation to the subject property, and how long they have been on the market (a fresh or stale indicator).

HOW IS FRESH/STALE USED IN A PRICE ANALYSIS?

Quantity, proximity, and time spent on the market are critical variables in determining a solid offense pricing strategy Quantity helps identify other options buyers have, while the time spent on the market can reveal pricing expectations and price fatigue

$0 $100,000 $200,000 $300,000 $400,000

AVERAGE MONTHLY LIST/SALE PRICE

AVERAGE LIST PRICE AVERAGE SALE PRICE

Average list price of all monthly active and pending comparables

$364,450

WHAT IS AVERAGE MONTHLY PRICE?

The chart illustrates a monthly comparison of the average list and sold price of comparable properties.

HOW IS AVERAGE MONTHLY PRICE USED IN A PRICE ANALYSIS?

The monthly trend can help identify how supply and demand is inuencing the list price of comparable properties While the trend can be very insightful for gauging how aggressive/conservative to price, it’s critical to balance these insights with an analysis of recent closed sales too.

$400,000

$350,000

Current Active Shelf Life

7 DAYS

ACTIVE SHELF LIFE

DAYS ON MARKET

WHAT IS ACTIVE SHELF LIFE?

Active shelf life highlights the average number of days active and pending comparable properties are on the market each month.

HOW IS ACTIVE SHELF LIFE USED IN A PRICE ANALYSIS?

Understanding how long similar homes are sitting on the market can help set expectations on how long it might take to nd a buyer – and when to consider a price reduction.