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!
2012 Market Recap
January 11, 2013 by Leave a Comment