Upper Lonsdale supply in previous months was hovering around the mid teen range and has increased to roughly 20 houses being actively listed on the market.
At this level, Upper Lonsdale has a huge lack of supply compared to the current demand.
Now we are seeing a number of new listings coming onto the market trying to capitalize on this and are anticipating a windfall that is not there. With most of the new listings entering the market, it is clear they are over priced compared to the sale and they are hoping the lack of supply will work for them.
However, it does not seem likely that the buyers are willing to over spend in the area and many of these listings are having to adjust their prices (and their expectations).
That said, we are seeing some home sellers opt for super aggressive LOW pricing strategies as well with the anticipation they will achieve multiple offers, sell fast and push the price up. This has worked and can work if executed well... one recent sale that was listed for sale at $1,998,000 just sold for $2,330,000.
From my data, they got actual market value range.
If you have any Upper Lonsdale real estate questions be sure to ask the expert. I am always happy to discuss the market and your goals.
Kevin Lynch
Upper Lonsdale Expert and Community Realtor