Prices in the Boardman and Oak Park neighborhoods continue to be strong from due to low inventory: The median price was over $400K in the second quarter of 2018, although it fell 23% compared to last year July-Sept.
A few indicators point to a slow down in buyer activity:
Locally, there was a substantial decrease in number of home sales in mid to late summer (down 50% from July-Sept 2017), and the average number of days homes spent on the market has increased slightly.
Nationally, the number of price reductions on active listings is the highest it’s been in four years. Conversely, the number of buyer mortgage requests is also the lowest in four years..
Throughout the greater Traverse City area, we’re starting to feel a slight shift towards a buyers’ market, especially in the higher price ranges. While it’s a solid market in our neighborhood and we are somewhat insulated from larger market trends, sellers should expect an increase in competition as inventory is expected to open up in 2019. Pricing a house right and making it shine is now more important than ever.
Take a look at our Boardman and Oak Park Neighborhood real estate snapshot for September 2018.
Thinking of looking or listing? How will the current market impact your choices? Let’s chat today.