Market Update: Inventory is low and marketing times are extremely low, especially in neighborhoods closer to the City Center. The City’s north/east neighborhoods, long a bastion of affordable housing, have seen some of the most significant price gains in the past 2 to 3 seasons.
Many first time buyers are looking for affordability on their initial purchase without having to move too far out, and many are electing to take on renovation projects in order to get more house for their money. Appraisal issues are the most common in these areas due to typically higher loan leverages (i.e. low down payments) and rapid price growth, especially in the spring. Competitive offers are also to be expected in the spring months.