This is where the market has really gone nuts. Because developers switched tracks to building rentals instead of condos, the inventory can no longer keep up with demand. Every new listing within a 10 min walk of the Bedford stop has several qualified and motivated buyers vying for it. Many are going for all-cash and far over ask. If you’re a typical buyer with good financials and 20% to put down, you and I need to strategize before you dive into this pool.
Looking at the last six months, the average price/sf in closed sales is over $860/sf. Look at the last 3 months it ticks up to over $885/sf. HOWEVER, if you knock out ground floor duplexes and a handful that signed contracts a year ago and just took a long time to close, you come up with a pretty even average of $900/sf for either three or six months. If you then look at what’s come to market over the last 3 months but hasn’t closed yet, we’re averaging over $950/sf on the asking price.
Regardless of size, I think we just saw the end of the $500K one-bed/ $700K two-bed market in the Northside. One’s these days are typically over $600K and twos over $800K. There isn’t much coming up in terms of condo developments around here, so re-sales will continue to reach for a new equilibrium. When…nobody knows.
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