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 us.
This month, the statistic for Days in the MLS really has not changed. If we discard the outlier at 1991 E Alameda #5 that was in the MLS for 549 days, the number drops to 9 which is no change from last month.
This market could be the storm before the calm. There is a big frenzy of buyers right now trying to find a house before interest rates go up. That is predicted to happen this year and if it does, it will price even more buyers out of the market and could slow down the demand, creating the calm. It could be an interesting year.
Regardless of how the year goes, we are here to bring you the latest information about the changing market conditions that will put you in the best, most competitive position should you decide to make a move. If we can help, please be in touch.