Unprecedented Pretty Much Sums It Up…
As many of you know, I have been selling homes in Washington Park for 40 years and have lived there even longer. The numbers are amazing but the chart is the best visual for understanding what happened to the market the first half of 2021. Each month, for many years now, we have tracked the active listing count on the first day of the month and the number of sales during the prior month. We have had a few months over this time where supply and demand were pretty equal but NEVER have we had 6 months in a row where demand outpaced supply so dramatically. It has turned the chart upside down.
This condition is directly related to the stories you have heard about bidding wars and sales well over asking. We have seen it all with our listings selling at 108% of asking this year. Most importantly, these market conditions are related to the median price in Washington Park being up between 15% and 43% over the first 6 months of 2020. This is not something I have been able to say in 40 years. Wow! It has been a tough year and a half for so many, but for those who have been so fortunate to own Washington Park real estate, it has been unprecedented in at least one good way.
We have successfully guided our Buyers and Sellers through over $30,000,000 in real estate transactions already this year. If we can help you get the highest possible price for your home with the least amount of hassles and/or successfully win a new one, please don’t hesitate to be in touch.
Your call to The Bridge Team at 303-331-4589 for any of your real estate questions will be warmly received.