Market Update: 2018 A year in Review

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MARKET UPDATE

The spring season is here! If you’re buying or selling a home this year, what can you expect from this market?  It’s important to know the numbers, so we are looking back at the statistics from last year.

2018 proved to be yet another strong year! Considering that 2017 was an exceptional year, 2018 had a lot to live up to, and it did.

Let’s dive into the numbers:

  • AVERAGE SALES PRICE increased from $228,000 to $239,000. That’s a 5% increase, more than the annual average appreciation rate of 3%. It didn’t quite reach the 6% increase that we saw from 2016 to 2017, but it’s still rather impressive!
  • AVERAGE DAYS ON MARKET decreased (which is a good thing!) from 62 days in 2017 to 59 days in 2018.
  • AVERAGE SALES PRICE TO LIST PRICE RATIO continues to stay consistent at 98%.
  • TOTAL NUMBER OF HOMES SOLD was 3,430 this year, which was nearly identical to the number in 2018 of 3,450 homes.

All in all, 2018 has a lot to be proud of, and we’re hoping the trend continues in 2019. If you’re looking to buy or sell a home this year, we’d love to hear from you!

R + M

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rachelbarnes