Market Update - May 2019
While the calendar tells us spring starts at the end of March, for most of us we associate the season with the weather. Now that the weather is approaching the 15°-25° range, it feels like summer is here.
And there may be more than a few people who wonder if the housing market is in its spring rush or starting to slow down.
All we can tell you is what the numbers tell us.
Overall, listings for the year are pretty similar to last year's numbers, year-to-date. However, new listings in May are down significantly, over a 21% drop and, total listings are down over 11%.
What does that mean?
Home prices are based on supply and demand. Even though we are seeing some price reductions year-over-year, with fewer homes on the market, the prices are holding a little firmer than the economy might otherwise indicate with the total annual benchmark price down less than 2%.
For those selling remember that within a competitive market the most well prepared homes, which match a market price, have the best opportunity to sell.
For those buying, it means you may be able to have more than one chance to view a property, but with prices only seeing a slight reduction, don't expect to 'steal' a home.
Perhaps it is good that the days of putting a home on the market and being greeted by multiple offers the first day, may not be with us anymore.
Whether you’re looking for your first home, a move up home, or right sizing into a smaller place, the opportunity to properly go through a house, making sure it is the right one for you and your family and to negotiate a fair market price is a good one.
A property is often a person's largest single investment. It’s good to make sure it’s the right one for you!