This Crazy Market

Pent up demand coupled with low interest rates, low inventory and lots of cash buyers has provided the perfect storm for buoying our home values. We’re baaaaack and this continues to be an excellent time to sell.

A quick look at some recent Little Holmby sales provides anecdotal evidence of just how far our market has recovered: 

Consider 910 Hilts which recently listed at $3,650,000 and just sold for $3,621,000.

 Anyone following Little Holmby real estate has seen this lovely 4Br/3.5BA 3550sf Spanish sitting high at the corner of Hilts and Le Conte. On and off the market since 2007 and rented repeatedly (at 14-18k/mo), It was previously listed in March 2012 for $3,495,000 and failed to sell at that time.

What a difference a year makes……

Fast forward to April 18, 2013, it hits the market at $3,650,000 contracts in just over 30 days and sells for $3,621,000

 You may have missed 464 Comstock, it didn’t last long.  Listed in April at $3,495,000 and just sold for $3,860,000, this 4100sf, 5BR/5BA fixer on a 14,680 sf lot sold in multiples in just 2 weeks.

 But just across the street 2 years earlier…..

451 Comstock, a move in condition, 4400sf 4/4 on an 18k sf lot closed June 30, 2011 at $3,363,000.

 Year to date vs. this time last year shows median prices for SOLD mls listed properties up a whopping 33% ($1,787,000  in July 2012 vs $2,665,000 today) days on market down  38% from 60 to 37 .

YTD there are 14 sold properties in Little Holmby vs. 20 last year at this time.

What’s ahead is anyone’s guess but realtors and lenders appear ready for a slowdown and a return to a more rational market. The recent boost in interest rates has already reduced loan applications and we should expect inventory to edge up as more sellers decide to take advantage of this market.

Nevertheless, it’s a great time to sell (or lease out your home). Call me for a confidential consultation.