2015 Museum District Real Estate Sales Report
Goodbye 2015 and hello 2016! It seems odd that as I'm cuddling up next to my toasty warm radiator, I'm already preparing for the spring real estate market. But it's coming ... and likely sooner that than the blooming tulips.
But as we march forward through winter, I think it's always important to know where you've been ... to really know where you are going. This seems to be even more important in real estate. So for all those owners (and lovers) of Museum District real estate, here's what happened in the Museum District market (for single family homes) in 2015 and Q4:
|
Q4 2015 |
2015 |
Number of Homes Sold |
15 |
62 |
Average Sales Price |
$398,047 |
$374,572 |
Average Price Per SF |
$201 |
$200 |
Average Sale to List Price |
98% |
100.2% |
Average Size |
2,010 |
1,930 |
Average DOM |
34 |
20 |
Highest Sales |
$657,000 |
$799,950 |
Lowest Sale |
$250,000 |
$140,000 |
FORECAST FOR 2016
2015 was an outstanding year for residential real estate in the Museum District. All signs say that 2016 will be 
just as strong. And yes, we are still plagued with limited inventory. However, we'd expect that to pick up in the spring and into the summer. So for all those buyers sitting on the bench getting ready to jump into the game, there's no better time than now. You've just need to be patient and ready to jump when "the one" comes on the market. Or better yet, work with an agent who knows of upcoming listings (hint, hint!)
Keep in mind that along with more Spring listings, we'll also expect more buyers. Also something to watch closely .... Interest rates. Yes, interest rates have gone up and will likely go up again. But for those of you that have been at this a while, you know that they are still really low.
MUSEUM DISTRICT REAL ESTATE FACEBOOK PAGE
Can't get enough of Museum District real estate? Are quarterly updates not enough? If so, you'll want to follow the Museum District Real Estate Facebook page. We do weekly market updates in addition to things happening around the Museum District.
LOTT REALTY GROUP
Are considering selling your Museum District home? If so, reach out to someone whose passion matches their experience in the Museum District. Contact Shane Lott at Lott Realty Group at Keller Williams at (804) 382-8352. You are sure to find her trekking through the Museum District nearly every day.
Cheers and Happy New Year!
Comments(0)