College-Glen Quarterly Real Estate Update - Q3 2016
Now that the Third Quarter of 2016 is finished, here’s a look back at Q3 and comparing it to last quarter and a year ago. This is only for College-Glen (College Greens & Glenbrook) single family homes.
The summer of 2016 market was HOT in College-Glen. So that meant the third quarter started off extremely strong with low inventory, high buyer demand and multiple offers on most properties. The summer ended and the third quarter came to a close, the College-Glen market shifted to a bit more balanced. Right now there is a healthy balance. The homes that are priced right, show well and have great marketing are still selling quickly, at or a little above the list price. However, the ones that are over priced are now sitting and having to make price reductions in order to attract buyers. I like to call this a “Price Sensitive Sellers Market.”
I expect the fourth quarter for College-Glen to be more balanced than we have seen in Q2 and Q3. There’s still some buyers out there at this time of year but they will not be going after overpriced listings.