Winter Real Estate Forecast
Wow!! What happened to fall? Winter has come and the real estate market has frozen. Sales, pending properties, new listings are all down. So where do we find sunshine in a frozen market? Housing values!
The National Association of Realtors announced home sale prices have increased for a record 79 months in a row!
In the first 11 months of our local market we have seen a generous 5% increase in median home sale prices. This indicates a good balance of supply and demand.
- New housing starts in the FM Metro area were up 8% over 2017
- Median Sale Prices are up 5% over 2017
- The number of sales is down .9% year to date
In short what that means for our local market is that sellers are still selling, buyers are still buying and builders are still building. We have hit a point where it is closer to a neutral market than a seller's market. That has not been the case for many years. Our market is still strong we just need to adjust our expectations to what the current market holds and not what our past market reflected!
It's always a good season to buy & sell! Talk to your local Real Estate Professional to get a report on your market!