M
arket Insights
As I walk with my friend Ann, a fellow Realtor, around Lake Temescal or Montclair Village, we often discuss the ups and downs of homeownership. Recently, she shared a valuable insight: "Today's disappointment is tomorrow's relief." This phrase has stuck with me as I reflect on our current market.
With over three-quarters of 2024 behind us, let's take a look at the numbers in Piedmont. As of today, 83 properties are pending or have sold, with an average list price of $2,283,000 and an average selling price of $2,640,000. The highest sale was for a stunning manor on Muir at $6,200,000, while the lowest sale recorded this year was for a small home on Cambridge at $785,000.
Compared to last year's numbers, the market has remained relatively positive despite high interest rates and insurance premiums. However, there are some interesting trends emerging. Homes in the hills and those priced above $7 million are struggling to sell, with many languishing on the market for months.
I believe this is due to a shift in lifestyle priorities among high-end buyers. They're opting for more modest homes and experiences over grand estates that require full-time staff to maintain. This change of heart is a departure from the traditional notion of wealth being measured by material possessions.
What's more concerning, though, is the surge in active listings in Piedmont, which now number 36 compared to 16 at this time last year. Typically, the fall market slows down, but this year it seems to be speeding up.
Perhaps buyers are trying to secure a sale before the election or are seeking certainty in uncertain times. Whatever the reason, Sellers should take note and adjust their expectations accordingly. It's essential to work with offers in hand rather than chasing the market, which can lead to disappointment and a failed escrow.
As I always say, it's better to have a bird in the hand than one that may fly away. With interest rates on the rise and appraisals not always hitting the mark, Sellers should be cautious and realistic when evaluating offers. By doing so, they'll avoid putting themselves at a disadvantage and increase their chances of a successful sale.
At Julie Gardner & Sarah Abel | Compass Realty, we're here to guide you through the process with expertise and care. Let us help you navigate the complexities of the market and find the right solution for your home.
