Sales prices are holding steady in Brookside as the current real estate market begins to calm down a bit. The homes under $200,000 are still very competitive (due to low supply, very high demand), but otherwise the market seems calmer than it has the last couple years. Don’t get me wrong, it is still a seller’s market and houses are still selling quickly and near list price, but it isn’t that crazy feeding frenzy that we’ve seen.
Year to date, the average sales price of homes in Brookside is only 1.3% higher than in 2017. For reference, prices have been rising about 5% each year since we began to climb out of the great recession, therefore this year is much different. It will be interesting to follow the progression until year’s end. Since we are past the busiest time of year, I don’t think the average sales price will rise any further, but I don’t expect it to drop either. I anticipate ending 2018 with about the same average sales price as 2017 in Brookside.
Be sure to check back in January for a follow up on Brookside prices, as well as sales prices in other parts of the metro. And if you are on the fence about buying – do it now. I do not think it is wise to wait for some big market correction and drop in prices that may never come. On the other hand, mortgage interest rates will almost certainly continue to rise so buying sooner than later could save you thousands in interest in the long run.
Photo Credit: Jen Wetzel Photography