The first quarter is over and with it comes our first market update of the year. We look at several Key Performance Indicators to judge how the market is performing. In this report, we’ll take a closer look at monthly total for sales and contracts, average list prices, median days on market and mortgage rates. While these few metrics don’t tell the entire story, they can be used as a barometer for comparative data to give a surface level picture of what you can expect if you decide to put your home on the market in 2019.
Inventory is still low, but we’re seeing a healthy amount of activity in the Greater Springfield area. As you can see, the totals have increased significantly in each of the first three months of the year. This is a typical trend, as more activity occurs when the weather warms up.
Average home prices have risen steadily since the beginning of the year. Average home prices have maintained consistency in the past year, hovering around $156,000. We expect prices to surpass that mark in the second quarter.
It was a seller’s market out there in the first three months. The majority of homes sold in the Ozarks took less than 40 days in the first three months. The market really sped up in March, getting under a month in terms of days to find a deal.
After a fairly active 2018, interest rates are expected to be more consistent in 2019. Several prominent news outlets reported that the FED may not raise rates at all this year, but with any economy, that could change at any point in the year. The good news is that rates have been dropping since October of last year, so if they level off now, we’re in good shape for 2019!
If you have any questions about the prospects of the market in your neighborhood for 2019, please feel free to reach out! We’d be happy to help you find the value of your home in the current market. Feel free to give us a call at 823-2300!