1Q 2018 REAL ESTATE UPDATE FOR 07112
Here is a quick update on how the real estate market in Weequahic is doing so far in 2018. Here are the highlights:
The year-over-year data shows continued growth in the real estate market in Weequahic. Inventory remains low, and I expect that trend to continue as many homeowners are still waiting for their home values to rise above "Pre -08' crash" levels before putting their homes on the market.
Weequahic continues to develop. There is significant investor activity, with many "house-flippers" buying property to renovate and resell. Each time one of these renovated homes is sold, the market pushes up a little bit higher. Last year, the highest sale price for a single family home was $375,000!!. This year, 2 homes already sold for $250,000!!
A number of large commercial developments are also expected to be completed this year. I will follow up on these changes and how they impact home values in a future email. That's all I have for now. but If you have any questions, please let me know!
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