2016 ‘Q1 Sea Cliff & Lake Street Corridor Market Report
Hello Friends & Neighbors:
As we leave the first quarter of 2016 behind and head towards sunnier weather patterns, I want to get you the latest Sea Cliff and Lake Street Corridor market recap. First: the numbers. In the first quarter we experienced fewer sales than the first quarter of last year, with a slight dip in overall sales prices.
Is the market starting to fall? No; I don’t see this as a reason to be alarmed. So what happened? First, we had the first wet winter in five years. This kept a lot of sellers from selling and likewise; buyers from participating in the market. Second, the price numbers are skewed downward by (a) a few notable sales that were “fixers” and (b) so few actual sales. Another notable market item I’ve identified is that neighborhood properties are averaging 42 days on the market compared to 15 (days on the market) in Q1 2015. Why the uptick? Nothing to be overly worried about: two notable sales were on the market for 100+ days before going into contract (skewing the average). Each sold for significantly less than asking price.
Here are the top neighborhood sales of the first quarter:
That is it for now. If you see a possibility of a life change that entails selling your home, let me know and I can provide you with a pricing analysis and marketing plan to help you with your decision.
For reference, the complete 2015 Market Report is located here.