Help me…I am shrinking!
With only 18 homes currently available for sale in Washington Park, indeed the inventory is shrinking. With so little available, it truly is remarkable that the number of sales increased at all this year. However, it did in all categories.
To put 18 homes available in perspective, in January of 2012, we had 71 active listings. At 18 for sale, we have a 2-3 week supply of inventory. A balanced market is a 6 month supply so we are not even close to balance. The result is that we continue to see a very strong seller’s market and a rise of median price of between 4% and 15% depending on location. Just when we thought it couldn’t get any better for sellers, it did.
Price per square foot changed less. This is likely due to the large number of homes we sold in the +$1 million range. As homes get bigger, their price per square foot decreases.
What should we expect in 2015? Likely, more of the same. Until inventory increases substantially, we will see excellent conditions for sellers and challenges for buyers.
Managing a bidding war for a seller or getting a buyer’s offer accepted in a multiple offer situation is something that takes knowledge and experience and a long term relationship with other Realtors. The kind of experience that The Bridge Team has can make the difference of many thousands of dollars to a buyer or seller.
If you know someone who is thinking of making a move this year, Shelley would be happy to apply her 34 years of experience to give them an honest opinion of what they can expect when buying or selling in this market. The goal of keeping her clients for life holds her to a higher standard than is commonly found in the real estate industry. Your call to Shelley at 303-331-4562 will be warmly received.