Review of our current market stats and outlook for 2020
Expect home sales and price gains to continue into 2020! Both nationally here locally we still need more supply and this of course affects that pricing, building is on the rise all over the community and in the coming spring we should see several of the housing projects that have been in the words, ready to be added to inventory! This would include some of the multi-family projects, which will provide some relief for those looking to rent. Building permits pulled are at a 12 year high nationally, and lenders are backing most of these projects so they have confidence in the economy. The consumer confidence is not far from an all time high as well!
2019 was a fantastic year for interest rates, and January should continue to deliver value for those searching for a mortgage these rates were unthinkable just a few short years ago!! Data from the chief economist at NAR (National Association of Realtors) is positive. New home sales for 2020 are likely to rise 11% to 750,000, which would be the highest since 2007. Sales of existing homes will likely increase 3.7% to 5.56 million in 2020, indicative of the 4th BEST real estate market in history!
- We will close just under 500 transactions this year, or 101 million in closed volume! With average listing price being $205,850 and average on the buyer side being $190,000.
- Our sellers are receiving 98.14% of their asking price, making it still a very strong sellers market!!
- We are ranked in the top one-half of one percent of all residential real estate professionals or teams in the United States, out of a total of 1.4 million agents. (sourced by real trends)