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What the heck is going on in the Real Estate Market?
The Appraiser’s Appraisal
Kensington (all)
Sold past 1-6 months (n=39) median (med) $1,600,000 Days on Market (DOM)=14
Sold past 7-12 months (n=46) med $1,665,000 DOM=13
This suggests a primary (year) change of -3.904%.
Sold past 1-3 months (n=21) med $1,608,000 DOM=12
Sold past 4-6 months (n=18) med $1,502,500 DOM=14
This suggests a secondary (quarter to quarter) change of -7.022%.
There are 2 current active listings ranging from $1,199,000 & $1,495,000 with median DOM at 6 days. Range 10 & 13.
There are 2 pending listings (in contract) ranging from $1,198,000 & $1,298,000 with median DOM at 17 days. Range 14 & 20 days.
So, what’s going on? The 9/24 review of Kensington suggested a primary increase of .0476% (stable) and a secondary decrease of 18.543%. The primary trend has turned negative, and the secondary negative trend has moderated. The moderation of the secondary decrease is suggestive of equilibrium but not conclusive. The days on market are remarkably stable. Here again, we just cannot make any credible conclusions. I would typically consider three similar patterns over time to be an overall trend for a given area. This market may be near a new normal, but we will just have to wait and see.
Where should we look next?
Want to know what’s going on in a different market or sub-market? Just ask!
Appraiser legal stuff:
Data is from EBRDMLS and includes the City of Kensington (all), all MLS residential listings, effective as of 11/08/2022
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