April Market Update

May 18, 2017
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# of Closed Sales: 10

Average Days on Market for Solds: 9

Median Sales Price: $318700

# of news listings: 3

Months of Inventory Last Month: 2

In April we saw homes go under contract very quickly, in many cases it took only a few days on the market before a property went under contract.  On average homes sold in April at 103.67% of their respective asking prices, this fact makes a lot of sense as fewer homes sold in April than March.  In April more homes are on the current market than we have seen in months past at 22 currently active properties.  However this is somewhat of misnomer as 5 of these properties are townhomes that have not even had their foundations poured, though in total there will be 14 new townhomes constructed near 14th and Vine.  Though this may seem like a great time for buyers who have been trying to find a home in the Cheesman neighborhood the lowest base price for these new homes is $659,950, so well under the average purchase price for April of $318,735.  I expect to continuingly see a seller’s market in Cheesman Park for at least the next couple of years even with increasing interest rates and housing appreciation.  

Please let me know if you have any questions on the neighborhood, the new construction going on near 14th and Vine or any other real estate questions!