2018: A Year in Review for Fan District Real Estate
As we close out another year, I always like to take a look back in the rear view mirror to see how things wrapped up ... and how they compared to previous years. While real estate changes each year (heck sometimes it feels like weekly), it's always critical to keep an eye on trends and where the market is heading.
THE SHORT VERSION
The Fan District real estate market continued to be strong in 2018. Another year that we were faced with limited inventory and a strong demand from buyers, which worked towards most sellers advantage. There were less sales in 2018, but that was driven by inventory, not demand.
YEAR OVER YEAR COMPARISON
WHAT YOU DON'T SEE IN THE FIGURES ABOVE
Yes, to most buyers and sellers final purchase price is the most (or one of) important things. But what you don't see in these figures are additional concessions, that primarily buyer made. Some examples of these could include:
Inspections (or portions) waived: Yep, happens all the time. How much? Well ... that depends.
- Seller dictated closing dates: When things are competitive and sellers need a specific date, most buyers worked about that.
- Appraisals (or portions) waived: Easier to do on cash offers, but we still see it happening on financed transactions as well.
- Rent backs: For some sellers this could have been a make or break portion of an offer. And sometimes rent backs were for free!
WHEN WILL IT SLOW DOWN?
Well, if my crystal ball was that good ... I'd likely be buying lottery tickets instead of selling real estate. But we have seen interest rates continue to rise in 2018 and expect that to continue into 2019. Thankfully they dipped back down again at the start of the year, which helped January and February. The pace of the market also depends on the price/size of your home. The buyer pool is bigger for a $500,000 home compared to an $800,000 home so that impacts demand. Other areas outside the Fan and the City have experience a slight slow down (or maybe I should refer to it as resuming to a more reasonable pace), so it's not unrealistic to think the pace could slow a little in the Fan, with demand starts to get closer to supply. But I'm still expecting another wild spring market for homes under $600,000
THE FINE PRINT
This data was pulled from the CVRMLS and only includes sales through our MLS. And yes, there were a number of sales sold off market, with and without agents (myself included). Those are not included in these figures. These data points are only for single family homes with in the official Fan boundaries. It does not include multi-family homes or condos. I've got that data too and am happy to share with you.
WHAT ABOUT MY FAN HOME?
Want to know what your Fan home could be worth in this market? Reach out to me, Shane Lott with the Lott Realty Group at Rashkind Saunders & Co. at 804.382.8352 or firstname.lastname@example.org. As as a top Fan agent and Fan resident for 12 years, I have a proven methodology for successfully marketing and selling Fan homes, which provides exceptional results to my clients. Want more? Check out or weekly updates on Fan listings, pendings and sales on our Fan District Real Estate Facebook Page.