January 2019 📊 Home Sales Data
Kicking off 2019, some market indicators are definitely down from 2018's January numbers. Or are they? Yes, pending sales were down 16% at 93. Yes, closed sales were down 29% at 58. However, inventory is also down 9% and the average sales price in January was up 24% at $550,000. So, I think the indicators that would seem like a slow-down are really a result of there not being enough inventory to sell right now. Buyers are willing to pay higher prices, since we know that limited supply and increased demand drives prices up.
Interest rates are holding pretty steady and will not be rising continually like was forecasted at the end of 2018. This will keep the demand for homes high as buyers can continue to qualify based on interest rates.
All in all, it does not appear that our market is slowing down. Also, it's a great time to have property to sell. If we can be of any help or service, please don't hesitate to call on us!