Normal With Some Spots…
Happy summer, at last. The market is actually quite hot for homes priced under $1,375,000. If you think about it, it makes sense. That is about the maximum that two high-earning professionals can afford to pay with a 20% at these interest rates. To go over that number, they would need a larger amount of cash for the down payment or to be extraordinarily high earners. For homes priced at or over $1,375,000 31% sold at or over asking while 82% of homes priced under that amount sold at or over asking. That is quite the contrast! The high end also increased the Average Days in the MLS number. The 5 sales over $3 million took an average of 102 days to sell which indicates a balanced market in that sector. If you remove the two sales that were over $3 million that took over 200 days, the average days a home is active in the MLS in Washington Park drops to a very respectable 14.
This time last year our interest rates had started to climb although not to the current levels of just under 7%. In spite of that increase, our sales this year are quite similar to last year. This means it is still a good time to sell in Washington Park. If we can help you make a move, please don’t hesitate to be in touch. We will put our many years of experience to work to help you find the right house and to sell your home for the best price with the least amount of hassles.
As always, if we can help you or someone you know navigate this market, please don’t hesitate to reach out.
Your call to The Bridge Team at 303-331-4562 will be warmly received.