So, what happened in 2019? How did things settle out? We were up 2.85% as a market in the Metro Area. This includes residential attached and detached single-family homes. One of the few things that was interesting this year, is that the days on market actually increased from 26 days to 31 days. That doesn’t seem like a lot but it’s actually a little bit over 19% which is five days longer which now puts us, on average, over a month on the market. Not a huge shift but a little bit of a shift and some sellers felt that where maybe a couple of years ago, their neighbor sold theirs in a matter of hours or maybe the first weekend. And now, homes are taking a little bit longer so we actually saw more price decreases in 2019 than we have in almost 7 years, so that was incredible and at the same time you know, even though we had all those price decreases home prices still went up almost 3%. The average price last December of ‘18, was approximately $462k. We ended at $484k, but the average for all of those 12 months in between was actually $486,000. Our average price actually went up during the spring months and then we declined. So, you may have heard that we’re bouncing along at the top of the market. And, overall, we’re still up almost 3% which makes us a very healthy market, and you the median price is kind of doing the same thing, so this is very exciting news because instead of the great increase we had in 2013 through 2017, instead of having a big drop like some economists predicted, we’re actually going across the top and becoming a level, stable, healthy market.
Data from 2019-year-end all the way back the last five years to 2015 shows an almost a 10% decrease in active listings. Our close price, though, at the end of 2019 is $486,695 and five years ago, it was $365,298. If you look at that, that is a 33% increase in five years. Now, some people will say, well what happened this past year? Remember, there is a 2.85% increase to $486k from $473k, so this is very exciting news. If you’d like this chart emailed to you or would like to meet with us and sit down, we’d be more than happy to do so. And, briefly, let’s touch on mortgage rates.
Mortgage rates ended the year at the fourth lowest average since 1971 at 3.9%. That’s almost 40 years! And in December, they actually ended at about 3.74%, so you can see interest rates actually went down. That, coupled with higher home values indicate there is tremendous opportunity for buyers and sellers.
Please continue to check back on our website for all of your home searching needs and to find out more information about what home values are in your neighborhood. So, we look forward to helping you with all your real estate needs, with your buying, selling, or investing.
Happy New Year from all of us at The Margolis Team!
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