September 23, 2019 at 7:06am | Shauna Gut

Hello Neighbor,


For most of us, our homes are the largest asset we’ll ever own—so you are right to want to understand this asset and the market you are in. You deserve an expert guide. Here are the top things you need to know:



Are the Rumors True?


If you haven’t heard, there’s been a lot of talk lately about an upcoming recession. 

My research indicates that, yes, there will be some sort of recession in 2020. 

However, the impact of that recession will be minimal … in fact, it may be over before we realize we’re in a recession. 

Plus, we won’t have a housing market collapse on top of a recession, as too many of us remember from over a decade ago. 

The housing market is very stable. 

In fact, homeowners now have more equity than in years past.  

Couple that with stricter lending requirements and we see a very stable real estate market, which will help us ease through this looming recession.   



Longer Days on Market


As Summer is coming to an end, our days are getting shorter, but we’re seeing the Days on Market for listings getting longer.


In August of 2018, 71% of homes sold within 30 days … this year, that percentage dropped to 52.4%, down from even last month at 57.6%. 

And, we’re seeing homes on the market for 120+ days increase this year from last, up to 8.1% from 3.5% last year. 

In fact, last month to this month, our homes that have been on the market over 120 days rose 1.8%, from 6.3% to 8.1%!


As a homeowner, what does this mean for you?  

It means that it is imperative to work with an agent who closely monitors market conditions, so you can accurately establish value.  

Even as Median Sales Price increases, up to $305,000 from $303,000 last month, buyers are cautious and primarily offering on homes priced to market value.






Real Estate Market Highlights

Single-Family Home Stats

2019 vs. 2018

Analysis

Median Sales Price

$305,000


Up 

3.4% YoY


This month our Median Sales Price for single family homes is on the upswing, up $2,000 from last month’s $303,000 Median Sales Price..  

Number of Single-Family Homes Sold

3,168


Up 

3.1% YoY

About even to last month, up slightly from 3,158 to 3,168.

Months on Hand / Months of Inventory

2.5


Up 

29.5% YoY

Down 0.8% from last month. Still lingering under 3 months of inventory on hand, our market is showing continued signs of stability.


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