PREPARE TO BE AMAZED
Start by looking at the 2018 supply and demand chart. The supply in 2018 was even lower than 2017 and the lowest in the last 10 years shown here. This resulted in less than a 30 day supply for much of the year and increases in both the median price and median price per square foot of between 4% and 12%. AMAZING!
The low inventory all year combined with the increase in prices meant that 2018 was another year of a strong Seller’s market in Washington Park. While we were hearing news reports of a slowing market in much of the country, especially in the high end, we saw 17 sales in East Washington Park over $2,000,000 for a 70% increase from the prior year. AMAZING!
For the first time ever, we had 3 sales in West Washington Park that topped $2,000,000. AMAZING!
In addition, the property values in East Wash Park, reached a milestone. The median price in that area exceeded $1,000,000 for the first time ever. AMAZING!
2018 was the 7th year in a row of a Seller’s market. According to the National Association of Realtors, the definition of a Seller’s Market is less than a 6 month supply of inventory. We have not exceeded a 6 month supply since 2011. AMAZING!
Managing a bidding war for a seller or getting a buyer’s offer accepted over others is something that takes knowledge and experience. The 38+ years of experience found at The Bridge Team can mean additional profits for Sellers and savings for Buyers. Your call to The Bridge Team at 303-331-4589 for any of your real estate questions will be warmly received.
