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    An Update on the Overall 2019 Market

    In today’s market update, let’s take a look at how the real estate market stats for 2019 changed compared to the previous year.

    Inventory:

    • 2018: 4,379
    • 2019: 4,683
    • Net change: +6.9%

    This increase meant there were more homes available for buyers in 2019.

    Sold Homes:

    • 2018: 12,352
    • 2019: 13,026
    • Net change: +5.4%

    Last year, we saw an increase in demand. If you’ve heard anyone talking about the market slowing down, that’s simply not true—more homes old in 2019 than in any year previously.

    Days on Market:

    • 2018: 52 days
    • 2019: 53 days
    • Net change: +1.9%

    Maybe this is where people were feeling a “slowdown.” Homes took a day longer to sell in 2019 as compared to 2018. This is probably due to the fact that buyers had more options to choose from; they had the freedom to take their time to pick and choose.

    If you want to take advantage of reduced competition and more serious buyers, now may be the time to act.

    The median home price in 2019 increased by 5.5%, which is huge. If you sold your home last year, you probably experienced a benefit from this trend.

    As a final note, here’s a fact to remember: Between December 30 and January 2, more homes come off the market than any other time of the year. That means January will have some of the lowest inventory levels in the year ahead. 

    If you’re thinking of putting your home on the market in the next couple of months, give us a call so we can sit down with you, lay out a game plan, and discuss what it would mean to sell your house now rather than waiting until the spring and summer. Inventory increases dramatically in the spring and summer, so if you want to take advantage of reduced competition and more serious buyers, now may be the time to act.

    Don’t hesitate to reach out to us for any of your real estate needs. We look forward to hearing from you soon!

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