Interest Rates are Doing Their Jobs... The Federal Reserve has been gradually raising rates since the Spring of this year. The purpose, as I understand it, is to curb inflation. The rate rise to over 7% seems to have curbed Washington Park real estate prices. Of the 32 homes that sold this month, 11 (or 34%) sold at or over … [Read more...] about Washington Park Monthly Stats – September 2022
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Washington Park Monthly Stats – August 2022
Is it a change? Yes. Is it a disaster? No. It was bound to happen. No one thought the record breaking spring market could continue and it has not. However, we are still in a Seller's Market. According to what I have read over the years, a balanced market is 3-6 months of inventory. It tips to a Buyer's Market somewhere around 6 … [Read more...] about Washington Park Monthly Stats – August 2022
Washington Park Monthly Stats – July 2022
More Options For Buyers.... By now you have seen the headlines "The Seller's Market is Over". It is true that we closed 9 fewer homes in Washington Park this July than we did last July. However, we still closed more than we did in July of 2019 or 2020. If I recall, that was still considered a Seller's Market however, just not … [Read more...] about Washington Park Monthly Stats – July 2022
Washington Park Real Estate – First Half Market in Review 2022
It Was A Roller Coaster Ride... If you look at the Active vs. Sold chart, for twenty consecutive months we have seen an inversion where the number of homes available on the first day of the month is less than the number sold in the prior month. Of course, this spawned the kind of market you may have heard about. January through … [Read more...] about Washington Park Real Estate – First Half Market in Review 2022
Washington Park Monthly Stats – June 2022
May Was The Peak.... This month, for the first time in two years the chart shows that the green line (# active) has exceeded the red line (# sold) for the first time in almost two years. However, with 53 homes in active inventory and 38 closed, we are still far from a buyer's market. It just means that buyers are having it a … [Read more...] about Washington Park Monthly Stats – June 2022
Washington Park Monthly Stats – May 2022
Was This The Peak.... Only time will tell. However, May was only one of 3 months in the last 10 years where we closed over 50 sales. Most if not all of these sales likely occurred before interest rates took the big jump we have seen in the last 30 days. Thus homes that sold in April and closed in May may have sold at the … [Read more...] about Washington Park Monthly Stats – May 2022
Washington Park Monthly Stats – April 2022
We Are Still Upside Down.... This time last year, I wrote about how unprecedented an upside down market is. To refresh your memory, that is when we sell more homes in a month than we have listed on the first day of the month. I had never seen an upside down market until January of 2021 and was surprised when it went on for 5 … [Read more...] about Washington Park Monthly Stats – April 2022
Washington Park Monthly Stats – March 2022
Spring Has Sprung.... The chart is always the quickest snap shot of what is going on in Washington Park. There was very low inventory in 2018 and again in 2020. However, in January of 2021 and for every month since, the active listing and sold numbers have been drastically upside down resulting in an unprecedented Seller's … [Read more...] about Washington Park Monthly Stats – March 2022
