A duplex on Madison Avenue in University Heights sat for 47 days last month before getting an offer. Two years ago, that same property would have had multiple offers in a weekend. That gap tells you everything about where we are right now.
Inventory across my core markets, University Heights, Hillcrest, North Park, and Mission Hills, is creeping up. Not flooding. Creeping. Based on what I've pulled from the MLS over the last 60 days, active listings in these neighborhoods are up roughly 15 to 20 percent compared to this time last year. That's enough to shift the energy. Buyers have a little more breathing room. Sellers need to be sharper.
Here's where I'll be direct. If you're a seller pricing your home based on what your neighbor got in early 2023, you're going to sit. The market has recalibrated. Buyers are educated, they're watching rates, and they're not panic-buying anymore. Pricing right from day one matters more now than it has in years.
For buyers, especially in the $800K to $1.2M range that covers a lot of Hillcrest condos and North Park single-family homes, this is a window. You have more negotiating power than you've had in a while. I've been doing this for over 25 years and I can tell you, these windows don't stay open forever.
Mission Hills is its own animal. Luxury inventory there is still tight. Anything well-located under $2M moves quickly, and the higher end ($2.5M and above) is seeing longer days on market but holding firm on price. Sellers in that bracket aren't desperate. They'll wait.
Investors, pay attention to North Park. The rental demand there is strong, the walkability scores keep improving, and I'm seeing more small multi-unit properties come to market than I did all of last year. If your numbers work at current rates, don't wait for a rate drop that may or may not come this summer.
The big takeaway this quarter is simple. We're not in a buyer's market or a seller's market. We're in a strategy market. The people who win right now are the ones with a clear plan, realistic expectations, and someone in their corner who actually knows the block.
What does your block look like right now? That's a conversation worth having.