The key indicators for this month are the “Days on Market” for active listings and “Percent of Original List Price Received” for sold listings. These both show the significant slow down in the buildings Chapman Commons, The Domain, Harbor Lofts, Lewis and Mason, and Stadium Lofts which have led to lower values mostly due to the interest rates climbing about 7%.
While the numbers don’t show it just yet, I’m seeing townhomes having the highest drop in values the last few months. I’ve personally seen builders slash prices almost 10% on nearby communities with some instances of the new construction selling for lower than the comparable resale townhomes nearby. While I initially thought this was more of a product of trying to meet internal corporate goals or to free up cash, I’m seeing the consequences of townhomes and condos sitting on the market when they try to price at the last comparable sale from as recent as May or June.
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