May Was The Peak….
This month, for the first time in two years the chart shows that the green line (# active) has exceeded the red line (# sold) for the first time in almost two years. However, with 53 homes in active inventory and 38 closed, we are still far from a buyer’s market. It just means that buyers are having it a little easier which means they have to make fewer concessions to the seller and have fewer competitors. As we also always see in a more “normal” market, homes that don’t show well or that are overpriced are staying on the market longer. This month there was one outlier that took 574 days to sell. When you take that our of the calculations, the days a house is in the MLS has increased from 7 to 12. That is still quite good.
Last month, 80% of the sales in Wash Park were at or above asking. This month, that number has dropped to 74%. Historically, that is still a very high number.
To me, this shows that Washington Park is still a very good seller’s market. Perhaps it is now just not as good as in the extraordinary times we saw in April and May of this year. If you would like to discuss how your property might fair in the market, please don’t hesitate to be in touch.