January 2016 Market Update for Congress Park

Leslie Resnick Front Q4

 

The Congress Park market had its usual slowdown during the holidays. Less new inventory…less than the other months of 2015. As the new year begins, slowly but surly, new properties are coming to market. 828 Garfield came to market as I am typing (great block!) You might recognize the address, it was flipped just recently, and the new owner has been relocated with his job.

Can prices go higher in 2016? I ate my hat several times last year, I am amazed at what prices the market is bringing. Garfield’s asking price is over $530/psf above ground! That is a heap of money for a 1,128 sqft ranch with a 1 car garage.

There were so many sales that amazed me. Most notably in the past few month was the corner of 8th and York for 1.85 million. You know the house, it looked like a mausoleum when it was first built?

Prices reached new highs in 2015. I expect 2016 will stay vibrant, but I do anticipate a little less eBay mentality from people willing to bid so much greater than the asking price.
I am interested what effect the presidential election will have on the Congress Park market. What will happen with interest rates? Will it slow the market a bit? Will days on market increase beyond 48 hours?

Call me, and I will share with you the facts and figures I daily review. What is your house worth? Is it time to sell?

*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.

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