Not So Fast…
It is still a Seller’s Market in Washington Park. It just isn’t happening quite so fast. The number of days it takes a house to sell has doubled over a year ago. However, we remain far from a Buyer’s Market. We have sold an average of 33 homes a month so far this year. With only 52 homes in inventory as of August 1, that is far from the 6 months of inventory required to make it a Buyer’s market.
Should we worry about the slight drop in price/SF? Certainly the numbers on University and Lincoln are not statistically significant. The slight changes in the other areas are probably indicative of the end of the big bidding wars that were taking prices up $100,000 to $200,000 over asking in the Spring of 2022. In my opinion, the biggest obstacle in the market is the interest rate which now has topped 7%. This has affected the middle market where those buyers likely already own a house with a great interest rate and are hesitant to or unable to give it up. The high end often pays with cash so is unaffected by the interest rate. We saw a record 15 sales over $3 million in the first half of this year. Amazing.
The Bridge Team has seen many kinds of markets over the last 42 years. If we can put that experience to work for you so you can get the best possible price in the shortest time with the least amount of hassles, please don’t hesitate to be in touch.
Your call to The Bridge Team at 303-331-4589 for any of your real estate questions will be warmly received.