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Infographic: December 2015 Market Update for Congress Park

2015 12. Dec- Congress Park Infographic

Only 8 properties are available in Congress Park!?! OK, I am not including condos, but still, what a tiny number! And if I deleted the property on Colorado Blvd, there would be just 7! The lowest price is just under a half million ($467,500), and the highest is $750,000. and to think that my grandparents bought their place on Detroit for $12,500.

In the past 90 days, 27 properties closed. That seems to be a small number, but with such little inventory, it is probably spot on. $295,000 was the lowest price, and I was surprised to see that 9 of the 27 sales had but one bathroom. The high end was just over a million at $1,050,000. Built in 1997, and backing to Congress Park. I tried to see it, to no avail. Next time it comes to market!

The average price per square foot was $360/sqft. We have come a log way baby!
(27) Beds Baths Above Grade SqFt Total SqFt List Price PSF Above Grade PSF Total Sold Price Sale/List Price Sale/Original List Price CDOM Year Built
Min 2 1 723 912 $295,000 $237.31 $184.04 $295,000 85.71% 81.05% 1891
Max 5 6 3,586 5,296 $1,000,000 $505.32 $368.42 $1,050,000 105.29% 105.29% 121 2005
Avg 3 2 1,540 2,242 $530,033 $360.09 $245.14 $523,919 98.66% 96.37% 27 1925

Interest rates are on buyers minds these days. The expectation the rates will begin to rise is bound to happen sooner than later, so sayith those we listen to about such prognostication. So few opportunities in a neighborhood as desireable as Congress Park will most definitely create more demand than supply available.

Don’t buy a house. Buy a home. Be prepare with your loan secured and in place with the ability to work with the sellers time needs is the direction I am giving my buyers. Be patient. Breathe. Remember that, work with a pro, and you will find a home. Don’t settle.

*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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