College-Glen Quarterly Real Estate Update - Q2 2016
Now that the Second Quarter of 2016 is finished, here’s a look back at Q2 and comparing it to last quarter and a year ago. This is only for College-Glen (College Greens & Glenbrook) single family homes.
The beginning of 2016 was sluggish for the neighborhood but things started to slowly pick up and by the time the second quarter began, the market was HOT in College-Glen. Very few homes available and many buyers competing created a fierce market for the majority of the second quarter. April and May saw nearly every house with multiple offers, above list price, selling in just a few days. The tension eased a bit in June as more homes started to come onto the market and create a bit more balance between buyers and sellers. The quartered ended with the market leaning slightly towards sellers. A “Price Sensitive Sellers Market” will be the beginning of the third quarter. The inventory has increased enough to where the overpriced homes are starting to sit and needing price reductions. But the homes that are priced right, show well, and have a high quality marketing plan will continue to see multiple offers, at or above list price in a short amount of time.
I expect the third quarter to be solid for College-Glen, not quite as much price increase as Q2 but still strong. The inventory level is the big influencer at the moment.