For the first time in about 6-7 years, our market is showing signs of leveling off, and a slower rate of appreciation and possibly some longer days on the market! Before you get too alarmed, we believe that we will have a very similar market in the first half of 2019 as we had in 2018! A strong buyer demand, and still relatively low inventory, but growing! It feels as though the market has maybe reached an equilibrium of home prices, and what a buyer can truly afford! The sellers will demand leadership and guidance from their true real estate professional with a solid knowledge of correct pricing, and a great value proposition and marketing plan! The buyers will be looking for reasonable value, and great counsel from their knowledgeable RE/MAX Pro!
By the numbers, our inventory by the end of January is up 54%! The number of sold homes, townhomes and condos were down almost 6%, and the average price of a single family home is only up 1.03% from January 2018, with condos/townhomes up only 4% year over year!
The luxury market definitely felt the roller coaster stock market in December, as well as the uncertainty of a government shutdown, which led to the number of luxury homes and volume to be down almost 20% in January 2019 vs January 2018! Keep an eye on median prices in 2019, as that may be our best barometer for the direction of our prices!
Again, we don’t see a major correction, but some leveling off of prices this year, which will create the demand for great Realtors, like a RE/MAX Professional!