I've been following a particular, homogeneous, neighborhood on the Eastside in order to gain some insights on the marketplace as a whole. May was not a particularly good month for the neighborhood.
4 more homes were listed (of which one was listed in April but didn't show up on Redfin until May) bringing the total to 12. Of note, the late listing is a short sale. 3 homes had price reductions. The most aggressive cut was by the short sale. The short sale is now the lowest priced home in the neighborhood coming in at $374,950. Last month, there were no homes listed below $400,000. Currently 5 homes can be had under $400,000. One thing is for sure, would be Sellers are resorting to price to sell their homes, and now they are facing their stiffest competition from a short seller. It would appear banks are picking up their efforts to move homes.
Oh...and by the way...there were no sales.
While things aren't pretty, there is still hope for the neighborhood. The homes are move in ready and neighborhood is predominated by school aged families. School is almost out. It will take some serious activity before 7/15 to turn this situation around.
Stayed tuned...
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