Thursday, January 24, 2019 / by Andy Mandel
Today we’ll be going over what we saw in our real estate market throughout 2018, as well as give some predictions for what may be coming in 2019. In our recap, we’ll be focusing exclusively on single-family homes here in Coral Springs, but similar things are happening in the surrounding areas.
New inventory in our market has increased 8% from 2017. We’d been seeing a steady decline over the last few years, and this new change brings good news for buyers. Closed deals fell 4% in 2018, so while more homes are coming onto the market, fewer are selling.
The median home price at the end of 2018 was $405,000—a 5.69% increase year to year. Our days on market is down by about 5 days, and it now takes around 35 days to sell a home. Currently, in January 2019, we have 3.12 months’ worth of inventory. Six months of inventory means a balanced market; anything less is a seller’s market and anything more is a buyer’s.
We’re in the same seller’s market we’ve been in for the last few years, but we predict things may change in 2019. As we go into the spring selling season, we’ll see more homes hit the market. The fourth quarter of 2018 alone had a 13% increase in inventory, which shows we’ll most likely see a shift toward a buyer’s market. With more homes on the market, buyers have more opportunities.
It’s still a great market for sellers, but you’ll need to be more strategic in your pricing. You can’t expect to overprice your home and still get it sold anymore. Buyers: Interest rates have gone down over the last few months, making it a good time to buy. And as more homes hit the market, your options will continue to grow.
Whether you’re buying or selling, feel free to reach out to us with any questions you may have. We’d be more than happy to help.