Today's sale of 57 S. Monroe marks a significant advance in the OTE Real Estate Market. It sold for $193 per square foot and it went into contract in just 24 days! It was listed at $449,900 and sold for $405K - which means they took a sizable reduction. But it proves that today's Buyers are willing to pay up for a great location and well crafted high-end interior finishes. This house delivered a very strong grade on both counts.
So far in 2016 there have been a dozen properties hit the market listed north of $400K. 8 of them have closed and one is in contract. The average Days on Market is right at 30 days. That's pretty impressive when you consider that in the previous year (2015) only 4 properties listed above the $400K threshold were sold! They sold for an average of $111 / SF vs an average of $132 / SF this year. Sellers in this price range are still taking significant discounts. The average is a reduction of just over 5%. But they are selling quicker which indicates a continued robust Seller's Market in OTE!
Interest rate are trending up into the 4% range. Experts tend to agree that the days of fixed rates in the 3% range are now in the rear view mirror for good. They also agree that the bull market is hardly over and they predict that 2017 is likely to keep pace with this year. Overall it's good news for both Buyers and Sellers and the economy as well. The sting of increasing interest rates may be offset by an uptick in the GDP. Most agree that the new administrations economic policies will add enough stimulus to prevent the housing market from slipping much if at all.
The bottom line is that its still a great time to sell, but its still a great time to buy as well. Its a precarious balance and only time will tell how long it can last.
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