Today we’re going to be going over our first market update for 2019. When we look at the first quarter of this year and compare it to what we saw at this time last year, we’re seeing an almost identical picture. This is very good news for all of you.
Right now, our average sale-to-list price is at 96%, compared to 97% last year. The average days on market is at 66 days as opposed to 64 days.
As for the supply of inventory in our market, there is a 3.1-month supply, which is right where it was at this time last year.
When we take these numbers and break them down, we see that homes in the $100,000 to $250,000 range are still in a seller’s market. There isn’t a lot of inventory here and there are a lot of buyers looking for these kinds of homes.
Once we hit the $250,000 to $350,000 price range, we’re in more of a transitional market with a four-to-five-month supply of inventory.
If you’re in the market for a home in the $350,000 to $500,000 range, you’re definitely going to be buying in a buyer’s market. This means that you’ll have a lot more negotiating room than buyers in lower price points will. If you’re a seller in this range, it means you’ll have to be a bit more negotiable on the price to get a deal done.
Overall, our market is very strong and we are anticipating a strong market through the end of 2019. We’re anticipating a slight decrease in the appreciation of homes by a few percentage points, and interest rates are still absolutely phenomenal right now. If you’ve ever thought about buying or selling a home, this is the market to do it in.
If you have any other real estate-related questions for me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.