The first quarter of 2019 shows promise for a strong spring market with 173 single-family homes currently on the market for sale at all price points. Already this year there are 39 single-family homes that have gone under agreement and a further 34 are in contract. With new properties launching on the market daily, we expect these numbers to rise over the coming months.
In mortgage news, 30-year fixed mortgage rates have again dropped to record lows, sitting at just over 4%, which bodes well for buyers entering the market. Our strongest sales so far this year have been in the under $500,000 range for single-family homes, and encouragingly our high-end luxury market (over $1.5 million) has also had 3 sales this year.
Overall, a total of $33,915,150 transacted during Q1 2019 in contrast to $32,298,800 by this time in 2018. The number of sales stayed the same at 48, while the average days on market has taken a slight jump this year to 208, up from 146 last year. A lack of new inventory could be to blame with some listings languishing on the market for various reasons.
The average sales price rose 5% this quarter compared to the same time last year and sits at $706,566. Interestingly, the median sales price dropped to $567,000 from $619,750, but the increased activity we have seen in the under $600,000 range in this early part of the year may account for the drop. We would expect to see this number rise as the year progresses. Homes are still selling at 96% of the listed value.
As we move into the busy spring and summer markets, we would love to learn more about your home and how we can help you list it for sale. And with more homes coming on the market every day, as well as lower mortgage rates, we would love to help you find your dream home! Contact us today.
To see a snapshot by price, click here.