Active
Volume: 10 (-9%)
Low: $1,999,000 (+25%)
High: $12,500,000 (0)
Average: $4,038,300 (+5.8%)
Median: $2,824,500 (+8.6%)
Under Contract
Volume: 4 (+33%)
Low: $1,595,000 (-6%)
High: $2,875,000 (0)
Average: $2,017,000 (-6.5%)
Median: $1,799,000 (-5.3%)
Pending
Volume: 2 (-33%)
Low: $1,598,000 (+17%)
High: $1,750,000 (0)
Average: $1,674,000 (+6.6%)
Median: $1,674,000 (+4.8%)
Sold (last 30 days)
Volume: 2 (0)
Low: $1,365,000 (-22%)
High: $2,090,000 (0)
Average: $1,727,500 (-9.8%)
Median: $1,727,500 (-9.8%)
Average % Difference between List Price and Purchase Price: -2.95%
Seeing the income property market dry up quite a bit in terms of inventory, especially at the low end, tells me that people want income property and want to make it work, but there is push back to not pay too much. By not paying too much, I mean guaranteeing that the property either cash flows nicely or that someone is mostly paying for the dirt and not so much the construction. I also think that right now would be an excellent time for sellers to list their income property pending they plan on being below 2 million.
I suspect that we will see this inventory over 2 million have significantly higher days on market and anything below 2 million move significantly faster. Part of my sentiment is simply because the gap someone might want to negotiate is likely to be much smaller than trying to negotiate on a property priced over 2 million. It will be interesting to see what the next 6 months bring us.
Volume: 10 (-9%)
Low: $1,999,000 (+25%)
High: $12,500,000 (0)
Average: $4,038,300 (+5.8%)
Median: $2,824,500 (+8.6%)
Under Contract
Volume: 4 (+33%)
Low: $1,595,000 (-6%)
High: $2,875,000 (0)
Average: $2,017,000 (-6.5%)
Median: $1,799,000 (-5.3%)
Pending
Volume: 2 (-33%)
Low: $1,598,000 (+17%)
High: $1,750,000 (0)
Average: $1,674,000 (+6.6%)
Median: $1,674,000 (+4.8%)
Sold (last 30 days)
Volume: 2 (0)
Low: $1,365,000 (-22%)
High: $2,090,000 (0)
Average: $1,727,500 (-9.8%)
Median: $1,727,500 (-9.8%)
Average % Difference between List Price and Purchase Price: -2.95%
Seeing the income property market dry up quite a bit in terms of inventory, especially at the low end, tells me that people want income property and want to make it work, but there is push back to not pay too much. By not paying too much, I mean guaranteeing that the property either cash flows nicely or that someone is mostly paying for the dirt and not so much the construction. I also think that right now would be an excellent time for sellers to list their income property pending they plan on being below 2 million.
I suspect that we will see this inventory over 2 million have significantly higher days on market and anything below 2 million move significantly faster. Part of my sentiment is simply because the gap someone might want to negotiate is likely to be much smaller than trying to negotiate on a property priced over 2 million. It will be interesting to see what the next 6 months bring us.
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