Local Market Report – April 2019
We’ve been hearing rumors over the past couple of years of “a coming recession”. Will it happen? I don’t know. But I do know that a lot of the financial experts are backing down on their predictions. This is due in large part to the unemployment rate dropping to 3.6%, and wages being up 3.2%.
From Anthony Chan, the Chief Economist at JP Morgan Chase, “I feel really comfortable that the economy is slowing down this year, but not going into a recession. It doesn’t look to me like the odds of a recession in 2020 are there.”
How does this relate to the housing market? There is confidence. Even though many buyers do think a recession may hit, they are still moving forward with their dreams of homeownership. In fact, over the last three months, the number of buyers coming to market has increased month over month.
Many of the people I’m in contact with want to move – to downsize to a smaller home, or to move to be closer to their kids and grandkids. But some of these people are hesitant because of the recession rumors. My advice?
~~The market is still strong – don’t put your dreams on hold!~~
Here are last month’s numbers. In comparison to last year at this time, homes are staying on the market a bit longer, and there are more homes on the market. But it’s important to note that last year was an anomaly, in that the year took off with a bang and slowed down early.
While most of the cities in our area remain in what’s known as a seller’s market, those cities having higher priced homes (million-dollar plus range on average) have moved into a buyer’s market.
What does all this mean?
Buyers – while you may still have competition from other buyers, there are more homes to choose from. Make sure you have all your paperwork in order before even looking at homes so that you’ll be ready to get an offer in quickly.
Sellers – you need to think about the competition more seriously than you had to in the past couple of years. Make sure your home is in tiptop shape and make sure your agent is pricing correctly, using professional photography and marketing strongly, especially online.
|A “balanced market” is a 6 month supply of homes. A “sellers’ market” is anything less than that, while a “buyers’ market” is any that has more than 6 month supply.|
|CITY||April Average Sales Price||April Ave. Days on Market||Total # of Sales – April||Total # of Sales – YTD||Year over Year Appreciation||Active Listings||Months of Supply||Previous Yr Supply Change|
By all means, contact me if you have any questions or would like further information on your city, or your neighborhood or home specifically.
For those of you who may have friends or relatives outside our area who need a Realtor, I’m happy to do some behind the scenes screening and recommend a good agent or two to them. No cost to you or your friends, of course.
As always, find me at 626-290-1250 or MaryAnglin.Realtor@gmail.com