Although 2015 has been yet another strong year in the Washington Park and Platt Park real estate market things have begun to show signs of slowing in the fourth quarter of 2015. It is normal for the market to slow during this time of year but so far there has been a more pronounced drop in activity. In the first six weeks of the 4th quarter the number of closed sales is half of what it was during the same time in 2014. Days on market for that period has increased and we are seeing more across the board price drops occurring–something that we’ve seen rarely in the past few years.
What are we to make of all that? Great question and only time will for-certain tell the whole story but I believe there is a shift happening in the market moving us away from the intense “hot” market of the past few years to more of a normal market. Of course “normal” in Washington Park always seems to mean there is solid demand for housing but the past years have seen some pretty crazy levels of demand pushing values up considerably. I believe a cooling market is a good thing with homes very much still selling but a greater balance between supply and demand than we’ve seen in recent times.
What all that will mean for would-be sellers is proper pricing and skillful marketing of properties will increase in importance as buyers will have more to choose from. Let me know if I can be of assistance. If you are thinking of selling in 2016 give us a call. It’s not too early to start planning.
See you around the neighborhood,