We’re expecting a strong market as we enter 2020.
What’s the latest news from our market as we close out 2019?
As we all know, real estate moves in seven-to-10-year cycles, and—in baseball parlance—we’re in the ninth inning of our current cycle. Things are starting to crown, and we’re beginning to see a more stable, balanced market emerge.
Last month, there were 3,322 homes listed in the Tri-County area, with 1,921 pendings and 1,807 homes sold. The average price per square foot of all sold homes was $243, which is also slightly lower than average. The average days on market, meanwhile, was 40 days, which is an increase compared to the summer months. The average price for listed homes was $643,000, and the average sale price was $465,000.
As far as inventory goes, we had 1.8 months’ worth, which is low. Anything under three months constitutes a seller’s market, anything between four and five months is a neutral market, and anything over five months is a buyer’s market.
Overall, our market is strong, and we expect a strong market going into 2020. Interest rates are really low and they’re expected to stay that way (around the 3.5% range), and appreciation is expected to drop slightly from 3.6% to 2.9%.If you’d like to talk more about where our market is headed or you have any other real estate needs, don’t hesitate to reach out to me. I’d love to help you.