Midtowner Ben Aaker asked me: How much are home values in midtown up since last year? Since summer of 2012? Sales in June-August 2012: - High $886,050 - Low $102,000 - Avg $242,850 - Median $228,000 - Avg 50 sales per month Sales in 4th Qtr 2013: - High $570,000 - Low $135,000 - Avg $256,132 - Median $236,000 - Avg 37 sales per month In 2012 we were coming off a serious BUYERs MARKET. When demand rose, there was a sizable inventory for people to pick from. Listings did not keep pace with demand, however, so as the inventory was purchased, it was not replaced. Demand remained strong while inventory shrank, so prices increased, and a SELLERS MARKET emerged. The numbers above bear this out. Fewer sales and higher prices. Its fair to say that sales in 2013 would be about 50 per month if there were sufficient houses for people to buy, but there are not. Instead, several buyers fight for each house sold, with only one winner. So the long-winded answer to your question, Ben, is that if you bought a Midtown house in 2012, you picked a good time to buy.
Posted on: Sat, 10 Jan 2015 00:00:22 +0000
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