What’s Going On With Home Prices in Wrigley?
Wrigley real estate is very hot right now! The median home price in Wrigley increased to $468,500 last month – its highest level in years and 10.9% higher than in November 2014.
As of November 2015, the median price per square foot was $322 (up 4.9% from November 2014) and the median days to sell a home was 43, up slightly from the previous month but still lower than last November.
Closed sales in November were down by 30% from the previous year, which may be in part because of low inventory in the area. The 2.2 month supply of inventory as of last month is above the same time last year, but still below its level most of the year and below the level considered necessary for a “balanced” real estate market.
Seller’s Market
Anytime inventory is as low as it is right now, we experience what’s called a “seller’s market,” meaning that sellers have the upper hand when negotiating because supply is so far below current demand. Although spring and summer are traditionally considered by many to be the best time of year to sell a home, this winter is shaping up to be an excellent opportunity for sellers. If you’d like to find out what your home is worth in today’s market, fill out the form below and we’d be happy to provide you with a custom market evaluation.
