January 2019 Real Estate Market Update!
The demand remains weak, but the important thing to remember is that supply is even weaker, so the balance still favors sellers, even though volumes are on downward trend.
As of Jan 14 there are 18,689 active homes on MLS and it may look like a lot of homes, but in order for us to be in the balance market the inventory has to be close to 30,000 active homes and we are nowhere close.
We are also seeing a strong influx of buyers from neighboring states like California, Colorado and Washington buying homes in droves, which is helping home sellers and home builders.
We are expecting a slight increase in supply in the coming months and with the recent slight decrease in the interest rates prices will remain on clear upward trend.
Let’s take a look at the numbers
🏡 Avg Sold Price is $328K ⬆️ UP 6% compared to Dec 2017
🏡 Avg Sold Price Per SQ FT is $180 ⬆️ UP 15% compared to Dec 2017
🏡 Homes Sales are DOWN ⬇️ 6% 6,487 compared to December 2017
🏡 Average Days on The Market is ⬇️ DOWN to 62 Days compared to 64 Days in Dec 2017
MLS ACTIVE INVENTORY IS 18,689 as of Jan 14 – 2.5 MONTHS OF SUPPLY
If you would like to know the specific averages ($) of the houses in those areas, you have 2 options:
1) Contact Alan directly at (602) 845-0947
2) Visit Alan’s website for a Quick Price Analysis of your home!
If you would like any additional information on the real estate
market, or if you’re wondering what your home is worth, reach out and contact Alan today.
Alan and his Team is always available to answer your questions. No question is too small!