May 2013 Market Update
Townhomes and Half Duplexes in Kits saw some interesting changes since last month. The average and median prices dropped over $100k to under the $1 million mark. This could be due to a few things, including last years mortgage changes where homes selling over $1 million can’t be insured, so Buyers need a down payment of at least 20%. The number of days on market fell significantly from 50 days to only 20 days! That’s a big change, and definitely thanks to the decrease in prices. Having said that, there were still 8 sales above $1.088 million, which were probably attributed to half duplexes, which are typically more expensive than townhomes. This market will always be desirable for people – they can’t quite afford a detached house, but want to remain on the Westside.