Thursday, January 9, 2020 / by Andy Mandel
I’m sharing our 2019 real estate market recap and our predictions about what’s going to happen heading into 2020.
2019 saw a 5% decrease in the number of new homes hitting the market, while at the same time, 6.2% more homes were selling. Supply and demand tell us that fewer houses hitting the market, and more houses selling creates an imbalance. That’s going to drive up home prices, and that’s precisely what we saw. For single-family homes in Coral Springs, the median price in 2019 was $409,000; that’s up about 1.5% from 2018. Nothing substantial, but prices are continuing to rise.
In 2019, the average days on market was 34 days, compared to 30 in 2018. However, houses are still selling. The economy is still doing well, and there’s plenty of demand out there.
What are our predictions for 2020? I predict we’ll still see a slight increase in prices—nothing massive like the last few years of up to 7%, but somewhere around the 2% to 3% margin. At the same time, interest rates are still very low, so demand is going to be the same. It’s still an excellent time to buy.
Right now at the beginning of January, there are just over two months of inventory on the market. A balanced market is if there are six months of inventory, any less is a seller’s market, any more is a buyer’s market. So, we’re currently in a strong seller’s market. If you’re considering selling your property in 2020, it’s a wonderful time to get your house on the market.
As we move into spring and summer, many more properties become available, so there are more options for buyers to choose from. It’s a fantastic time to be a buyer or a seller. Also, rents have skyrocketed over the last couple of years, so this may be the time to buy.
If you have any questions about how this affects you as a buyer, seller, or renter, we would love to assist you. Reach out to us by phone or email at your convenience.