At the time of writing this blog, Stadium Lofts has no active listings in the usually-busy month of September.
- Pending Sale – 1 bedroom 4th floor
- Closed – 2 bedroom 1st floor
- Closed – 1 bedroom 4th floor
- Closed – 1 bedroom 1st floor
Stadium Lofts Rental Activity since July
Active units currently for rent:
Leased:
1 bedroom 3rd floor – $2,350
2 bedroom 2nd floor – $3,150
2.1 “months of inventory” is a hard sellers market. However, compared to other times when supply was this low, this market is unique as the showing activity which would usually coincide with a buying frenzy is more like a trickle. Fewer showings with many homes still receiving prices higher than the list price as evidenced above with the 101.6% figure.
Interest rates stopped climbing and actually fell a bit the last week, but we’re still much higher than the first quarter of 2022.
The new normal?
If rates stay well above 6%, this stalemate of low supply can last until today’s buyers become sellers. That will take a few years and while this isn’t the first time we’ve seen an interest rate hike in such a short span, so many other factors were different including the increased demand for housing.
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