Lowest Number of Closed Homes In a Long Time…
Looking back over our records, the last time that there were only 13 Washington Park sales in November was 15 years ago in 2008. However, it feels slower than it has in recent years but not nearly as slow as my memory of 2008. That year, there were 161 active listings while we only had 56 in November of 2023. The large inventory back then meant that the houses that closed in November of 2008 took a whopping average of 106 days to sell.
We were in a Buyer’s market this November in all price ranges except under $1 million. With 40 listings over $1 million and only 6 sales, that segment of the market has now swung over to a Buyer’s market. Market analysts say the switch happens at 6 months of inventory and we now have a 6.67 month supply of homes available in Washington Park. If you know anyone who might be thinking of moving, this is the best opportunity to buy in the neighborhood in over 15 years. Of course, if we can be of service, please be in touch. Happy holidays!
Your call to The Bridge Team at 303-331-4562 will be warmly received.