I hope you are taking time to enjoy this holiday. I want to make sure I give you the final market update for 2018.
Overall, 2018 turn out to be a good year. We had increased sales and more important, we have helped our clients get higher prices for their property than we did the year before. I am always committed to helping my sellers maximize their sales price.
The market is showing early signs of softening. This is not what I like to report yet it is critical that I share accurate information with my clients. I would not say the market is crashing but it is worth you taking a look at the latest numbers.
This is the time of year to determine your real estate strategy for 2019.
Here are some interesting data points comparing the last 3 months of 2018 to the last 3 months of 2017.
1. Closings of existing properties decreased by 9%.
Though sales were fairly flat for the entire year, the last three months figures show a decline.
2. New Construction sales were also down by nearly 5%.
This is the first we have seen this in a while. New Construction has been booming so this downturn could cause the builders to lower their prices soon. In the last month alone, sales were down by 13%.
3. Condo sales in the past 3 months are down by 12%.
I wish I could report different numbers yet the facts are the facts. This data is direct from the MLS and is very accurate.
If you are thinking of selling in the next 6 months, I strongly urge you to contact us so we can give you an idea on what price you can get for your property, and whether selling or holding is the right thing for you.
Please give us a call.
Century 21 The Harrelson Group