Interest Rates are Doing Their Jobs…
The Federal Reserve has been gradually raising rates since the Spring of this year. The purpose, as I understand it, is to curb inflation. The rate rise to over 7% seems to have curbed Washington Park real estate prices. Of the 32 homes that sold this month, 11 (or 34%) sold at or over asking which is a marked decrease from May of 2022 when we saw over 80% of the sales in that category. Had we not seen the unprecedented 80%, 34% would look pretty good. So, with a 6 week supply of inventory in Wash Park instead of a 2 week supply, it feels different. However, it remains a Seller’s Market just not so much, exactly what the Fed had hoped for.
I probably don’t need to point out the obvious, but buying conditions are much more normal and less stressful. So, if you, or someone you know, are thinking of making a move, this could still be a good time to do so. Let us know how we can help.
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