The first month of 2019 is almost over and we have more condos/townhomes available for sale then we’ve had in 6 years!
1/29/2019 – 425 units
Jan 2018- 99 units
Jan 2017- 187 units
Jan 2016- 202 units
Jan 2015- 198 units
Jan 2014- 288 units
Jan 2013- 300 units
Jan 2012- 837 units
*this figures are all end of the month numbers
Dec 2018 ended with 297 units available for sale.
1446 Millich Dr, which in in the Merrivale West complex, went under contract on 1/11/19 after 36 days active. They have a projected Close of Escrow date for late Feb, dependent on the probate courts approval. They received one offer only. The property was in fairly original condition and limited upgrades.
Just down the street on Millich Dr. in the 95008 zip there were several properties available throughout Nov, Dec and Jan. Currently 1 is pending, 2 are still active and 1 has been withdrawn from the Multiple Listing Service.
615 Millich Dr has been active for 139 days they have taken one price reduction to $899,000. 628 Millich #A has been active for 62 days at a list price of $839,900.
732 Millich Dr #A did go under contract on 1/29/19, after 19 days on the market with a list price of $825,000. They had been on the market back in Oct/November and had withdrawn the property at the end of November. They did some upgrades and brought it back at a new price of $825,000. The ppgrades included electrical, plumbing and the promise that termite work would be completed.
640 Millich Dr #B was on the market for 76 days and one price reduction they withdrew it from Active status on 1/17/19. Their last list price was $859,000 and they had started out at a list price of $899,000.
All these properties tell a story of the current market; much longer days on the market then what we have experience in the past several years, price reductions, and seller having to reset some of their expectations for the current market. Meanwhile Buyers feel empowered to hold off on making offers as quickly as they had in the past several years and are well aware they can negotiate and expect the prices to line up with condition.
It will be interesting to see what February brings; we do hear that we should expect a significant number of new listings to hit the market throughout the month.