Wash Park Market Review & Report – January 2014

BYE BYE BIDDING WARS

Considering we only have a 3 month supply of inventory, for the first time in many, we did not see any homes close in January that sold over asking. When we see over asking sales prices, it is usually the result of a bidding war. Given that these sales would have occurred over the holidays and during very cold weather, I don’t see cause for alarm. A market with only 3 months of inventory is still is a market that is very favorable to Sellers.

It is too early to tell how the Spring will go. If we continue to have the low inventory we have now, when the buyers come out of hibernation, we may see a reappearance of the bidding war. We shall see.