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Time Flies... We have been looking at rates over 7% for more than a year now and the market is beginning to adjust to the new reality. The increase has continued to slow down the market by increasing the average days to sell a home in Washington Park from 24 days in September of 2022 to 33 for Sept of this year. The average … [Read more...] about Washington Park Monthly Stats – September 2023 in Review

This Market is Interesting... You might wonder what segment of the market has been hurt the most by the high-interest rates. If you think about it, the average family with two working professionals who have a household income of $250,000/year can qualify to borrow about $1,000,000 at the current 7% jumbo interest rate. So, … [Read more...] about Washington Park Monthly Stats – August 2023

Normal With Some Spots... Happy summer, at last. The market is actually quite hot for homes priced under $1,375,000. If you think about it, it makes sense. That is about the maximum that two high-earning professionals can afford to pay with a 20% at these interest rates. To go over that number, they would need a larger amount … [Read more...] about Washington Park Monthly Stats – June 2023

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

Another Month, Another Record... On March 1 of 2021, there were 16 homes for sale in Washington Park. That was 50% less than on March 1 of 2020. On March 1 of this year there were 4.  All the listings we have put on the market this year have sold way over asking. There is some good news for buyers as several listings have come … [Read more...] about Washington Park Monthly Stats – February 2022

Historically Low Inventory... Stats like these are no longer surprising but remain concerning. With only 8 homes available in Washington Park and only 5 of them priced below $1,000,000, affordability is certainly a concern. Many of us regret that our children who were raised in the neighborhood cannot afford to live near … [Read more...] about Washington Park Monthly Stats – January 2022

Best Year Ever... Not only did The Bridge Team have their best year ever with over $52 million in sales in 2021, but the Washington Park market broke records in the number of sales, volume of sales and value increases. It was the best year, by far, to sell a Washington Park home in the 40 years that I have been selling real … [Read more...] about Washington Park Real Estate – Market in Review 2021

Welcome to Millionaires Row... Did you ever think you would live in a million dollar house? Me either. Now of the 9 homes available in Washington Park on Dec. 1st of this year, only two were priced under $1 million. In a neighborhood that consistently sells 25 to 50 houses a month we now count the supply of homes for sale in … [Read more...] about Washington Park Monthly Stats – November 2021