2012 Market Recap

Happy New Year!  As I start 2013, I’ve been reflecting back on 2012.  Overall, it was a great year.  In Riverfront Park, the number of transactions went from 51 in 2011 to 67 in 2012.  That is a 24% increase!  The price per square foot stayed pretty consistent at about $380/foot.  Condos sold at 96% of list price last year versus 94% in 2011.  The market turned quickly from a buyer’s market to a seller’s market as inventory levels plummeted.  Inventory in December was at 7,709 units, a 30% decrease from last year’s already low numbers according to Metrolist.  The lack of inventory is putting a lot of upward pressure on prices.  Hopefully inventory levels will raise in 2013 as there are several buyers ready to pull the trigger once they find a home that fits.  In several neighborhoods around the city, it has gotten so competitive that as a buyer’s agent, you need to be driving around looking for COMING SOON signs.  Once a property hits the MLS it already has multiple offers!  All around town there is a ton of development which is a good sign that 2013 will be a great year in real estate!

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