In a low-inventory market, you're not surprised that the bidding wars are going on across the highway, too – are you?
The most recent...1247 11th St.
(3br/2ba, 1700 sq. ft.) is a home we called "cute and compelling" while warning that it "simply won't last." (See "Sunday Opens (4/29)
Right. That was easy. The property went into escrow after 6 DOM. That's the time it takes to collect a few offers, counter them and figure out which one to pick.
1247 11th began at $990k, and has just closed somewhat higher: $1.050m
That's because they drew 3 quick offers. Another 4 were queued up and ready to write while the first 3 were being countered.
Another bidding war. This time for a cottage just over the line from MBB.
You may not see much difference between $990k and $1.050m, but it's a +$60k
bump and +6%
jump percentage-wise over the start. You have to call that impressive, even for a little place.
Remember when people used to overprice their properties badly, resulting in 5, 10, 15, even 20% discounts before they could close a deal? Memory of that may be hazy, but, yes, it did happen. For about 5 years running.
This sale reminds us that today's market has such interesting new dynamics. Sellers largely still seem to be trying to find the right market price and slotting their listings at the right number. It's less common to find sellers goofing around with overly aggressive, high numbers.
Now it's the buyers driving up the numbers.