Yes, that’s an unprofessional headline, but I’m quite enthusiastic about the direction of Cheviot prices (and other stats) for the first quarter of 2013 (that’s January through March for those of you who prefer to measure markets using pennies, nickels or dimes).
The big news is that the Sold Price Per Square Foot is up close to 23% over the average for 2012, going from $531.79 up to $652.63! Really. Check it out:
Now, I don’t like to pop balloons, so let me let the air out of this slowly — there have only been 10 sales so far this year in Cheviot Hills, with 5 of the ten sales above $1,600,000 (and three of those were above $2 million). Here’s the list:
Because so few homes were sold, the $Sold/SF numbers are easily skewed, but the news is still really good, because it shows that we are still in a seller’s market. There are currently only 5 homes for sale in Cheviot, from $1,250,000 up to $3,795,000. Of the 5 homes, four of them are priced above $1,750,000. (We’ll be doing a video review of the homes at the end of the week.)
Here’s what I’m thinking that you should be thinking: If you are thinking of selling your home, we have a great selling climate — low interest rates are mixing with low inventory, and very high buyer demand. Homes are selling in multiple offers, and even off market sales are selling at very high prices.
Yes, it is possible that the market can keep going up, but if the number of homes for sales increases, the market momentum could stall. Plus, with so few homes on the market, it’s easy to make your home stand out (especially if it’s priced below $1,750,000).
Okay, you know the drill. If you are thinking of selling, give Chad and me a call. We’ll give you a free evaluation of your home (and a free notepad… maybe even two notepads).
Look back at the end of the week to see our video update on the market.