2019 so far has been a stand-out year with prices continuing to appreciate gradually throughout the spring and summer. Though interest rates are starting to tick up, they remain historically low, keeping the market quite competitive for buyers and driving the average days on market (from the 1st day listed to closing) down to just 70 days in August, compared to over 100 days in the same month the previous 2 years. New inventory of properties for sale started very slowly, in line with what we’ve experienced in the past several years. Rather than increasing late in the first quarter/early second quarter as is typical in our market, inventory remained sluggish until late in the second quarter – new listings popped up consistently throughout the summer and surprisingly continues into the fall with 5 properties added in the past 3 days alone. While buyers remain very active, we are also seeing a lot of price reductions on properties throughout the area – paired with the influx of new listings late into the season, this appears to indicate a shift from a seller’s market to a buyer’s market.
Our in-house real estate broker, Shannon Gleasman, provides expertise and personalized service and is happy to offer assistance with your real estate needs.