In the 20 years that I have been selling homes in Wheaton, I have never seen an open to a year quite like 2018. Translating this to our clientele has been interesting and must be in depth. In Wheaton alone, we have 3 different type of market activity: buyer’s market, seller’s market and a balanced market. Ok, so what’s my take on it you ask?
Overall, Wheaton for the last 2 months are trended slightly into a seller’s market with February at 2.8 months supply of inventory and March at 2.2 months supply of inventory. A balanced market is between 3-5 months supply of inventory. But the last 2 months in all price ranges does not tell the whole story.
Below $400,000 in Wheaton, we are sitting at a very low 1.8 months supply of inventory. Really tough market to be in as a buyer. Price per square foot in this territory has gone from $154 psf in March of 2016 to $178 psf in March of 2018. We are seeing values really climb.
Between $500,000 – $700,000, we recently came out of a pretty strong buyer’s market and have now entered a balanced market, sitting at 3.8 months of supply. Over the last two years we have not seen any increase in values. In March 2016 we were at $190 psf and in March of 2018 we are at $190 psf.
Taking a peak at our high end market, above $900,000 and you will find a drastic buyer’s market. Currently, we are sitting at a 13.5 month supply of homes. If you are looking to sell that luxury home, plan on being on the market well over 1 year. Values here have dropped too, from $298 psf in March of 2016 to $232 in March of 2018.
With the top end falling and the bottom end rising, we are seeing a great big squeeze with nowhere to run to. The bottom of the market can’t continue to rise in value with the top end falling. Eventually, the luxury homes for sale with have to sell, and the homes that drop their price wins.
Overall, I think this market will level off for the next year or two until we see some of the high end inventory of homes in Wheaton sell.
As always, if you are looking for a Wheaton realtor to help buy or sell a home, I would love to apply for the job!