We have just completed the first quarter and the market place has continued to be strong in specific pockets.
Due to artificially low interest rates, single-family residential properties in certain price points ($450,000 and below) are in very high demand.
In the higher price points ($600,000 and above) the inventory is growing and demand is not as strong.
The condo segment of the market is the place where I have seen the most change. The inventory has grown dramatically in the last 12 months and as it sits now, if no one put a new condo on the market, it would take eight months to sell all the ones currently listed. There are also many new-construction condo projects going up, as I am sure you have seen with all the cranes in the sky.
All in all, the quarter was great for the market and great for The Novello Group. We had the good fortune of helping 61 people in the first quarter buy or sell a home.
We look forward to the opportunity to be of assistance to you and yours. Should you have any questions, please feel free to contact us.