Today I’m covering interest rates, average and median sales, and inventory in 2019 as compared to 2018.
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December 2019 ended significantly up from December 2018, and I think that’s due in large part to what the weather did for us this year. It was crazy—my son even played golf a couple times around Christmas!
Sales for December 2019 were up 24% from December 2018, and prices were up 7.6%. The median sales price was $290,000. This put more pressure on inventory, so the absorption rate was 1.4 months of inventory at the end of 2019.
Looking at the entire year of 2019 as compared to 2018, sales were actually down 1.4% at 7,924. The median price was up 6.4% at $295,722, whereas the average sales price was $327,947 (a sizable increase).
Inventory remains strained, and it’s likely that the 2020 market ends up looking a lot like 2019.
It seems that, as we head deeper into 2020, consumer confidence is still strong. Interest rates ended the year at 3.64% for a 30-year fixed-rate mortgage, and, as I check rates today via some of our local institutions, I see them as low as 3.5%.
Last year, many economists were forecasting a recession, but that now seems unlikely. Though it’s possible there may be some sort of economic slowdown, expect rates to stay low since it’s an election year. Really, we have no reason to believe at this point that the economy won’t keep chugging along nicely.
Inventory remains strained, and it’s likely that the 2020 market will act a lot like 2019. It’s a seller’s market across the board. If you’re thinking of selling or buying soon, reach out to us via phone or email. We’re always here to help.