Market Update for Comstock Park, May 2016
The number of homes for sale in the Comstock Park area remains low with less than three months of inventory for 9 of the past 11 months. A slight uptick in new listings last month increased inventory to 4 months. However, that increase is fairly typical for early spring and is not viewed as a trend by your intrepid reporter.
Average list prices have increased somewhat since this time last year but demand remains high and Buyers are responding boldly, sometimes resulting in multiple offers above list price. Thus, current average sold prices are trending slightly higher than average list prices.
Unless you’ve been hiding in a bunker since 1999 and Y2K, it should come as no surprise to hear that current market trends strongly favor Sellers at this time. Field reports indicate that well prepared and appropriately priced homes in sought after neighborhoods are selling in days and sometimes within hours, often with multiple offers above list price.
However, Sellers who decide to price their homes higher than their neighbors in the interest of cashing in may find that strategy back firing as they may attract multiple showings, but less desirable offers. Wise sellers will consult with a real estate professional who understands these trends and can help you price your home appropriately!
Red: Active Listings,Black : Sold Listings, Gold: New Listings SOLD DATE FROM 5/22/15/ – 5/22/16