Washington Park Market Review & Report October 2013 in Review

FINALLY, SOMETHING TO SELL…

There is a little more inventory this month. The pent up demand seems to be absorbing that inventory, however. We still have less than a two month supply of homes for sale in most price ranges. Many buyers have been sitting on the sidelines waiting for their dream home to come up for sale. At last, that is happening and many are now able to secure they home they want without the hysteria that was in the market in the Spring. The market remains a strong seller’s market in the under $1,000,000 range.

Over $1,000,000 is now showing about a 6 month inventory. That is considered a balanced or neutral market. That means that conditions do not heavily favor either buyers or sellers. That is much improved over the 3+ years worth of inventory that we saw in that price range a couple of years ago but not quite as good as the conditions we saw a few months ago. It is certainly nothing to be alarmed about. It just is a more “normal” market.

We are still seeing investors in the market. With rents skyrocketing and rates still low, you can still put 20% down on an investment property and see a cash flow. In 32 years, I have only seen these conditions in the last year or so. Smart investors are seeing that they should take advantage before the rates go up. If you are interested in making an investment in real estate, please don’t hesitate to call to discuss it further.