Today we’ll be going over our latest market numbers, as well as recap what we’ve seen throughout the year.
2018 had an incredible start with a limited amount of inventory, record-breaking prices, and multiple-offer situations for nearly every property sold.
This is a stark contrast to today.
Currently, homes spend an average of 127 days on market—the longest since the recession we saw in December 2010. Though our market has definitely shifted, it’s a normal shift for it to go through.
Interest rates peaked on November 7 at 5.05%, but have since lowered to 4.74% as of December 15. This means buyers have more buying power and the demand for homes should increase.
Inventory is up 59% from this time last year. Sellers need to ensure their homes are in top shape for showings and are priced competitively.
Buyers, you have a lot of options right now, and you also have the room to negotiate a good price on a home.
Whether you’re looking to buy or sell a home, have any questions, or need more information, feel free to reach out to me. I look forward to hearing from you.