There’s a lot going on in our local market right now, so let’s review three of the most important trends.
Our 2019 market is still in its early stages, and yet it’s already showed some interesting developments. Before we get any further into the year, I’d like to make you aware of three key trends you should keep an eye on:
1. The market is becoming more active. Compared to the end of 2018, pending home sales are up 68%. Homes in the median price range that are marketed effectively and are in good condition are receiving a lot of buyer interest right away, so it’s clear that our market has once again been set into motion.
"Our market has once again been set into motion."
2. The median home price is rising. The market had depreciated by almost 6% as we entered 2019, but after the first quarter of this year wrapped up, we rebounded with a growth of 3%. And prices continue to grow.
3. Interest rates are still low. Many homebuyers today are locking in 30-year fixed-rate mortgages at rates that are nearly 20% lower than those available at the end of 2018.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.