RECORD BREAKING LOW INVENTORY
We set records in 2017 for the lowest inventory ever. My predictions a year ago of higher interest rates slowing the market enough to give us more inventory never happened. It was another very difficult year for buyers and a great year for sellers. In fact, the impact was greater on both accounts than in 2016. Amazing!
The inventory situation had a big impact on prices. The 6 sales on University are probably not enough to be statistically significant. However the 150 sales in the section of West Wash Park from Emerson to Sherman probably is a significant sampling. We saw a 10% increase in median price per square foot and also in median sales price. Since this area is the most affordable, the demand there was very strong. That combined with lower inventory put a big squeeze on prices. East Wash Park increased also but not as much because with a median sales price of $897,500, it has become unaffordable for much of the market.
What should we expect in 2018? Until either interest rates go up, inventory increases or affordability becomes a greater problem, we likely can expect the market to be similar to 2017.
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 35 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.