A sneak peek at January single-family home sales highlights fewer sales at slightly higher prices. The official numbers won’t be released for a few weeks. A quick look at the numbers contains good and not so good news.
Slightly fewer single-family homes sold this January 1047 versus last January 1185. Blame it on weather or the lack of homes for sale. The good news (for sellers) is the average sale price continues to gain ground.
Data Source: Multiple Listing Service of Greater Cincinnati
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An interesting fact: During January 2018 55% of the homes sold in 30 days or less. And they sold for 98.26% of list price. This January was almost as good with 52% selling in 30 days or less. The quick sales came in at 97.65% of list price. Just a little slower and lower priced. Once again I think weather (yes we are experiencing winter) is playing games with real estate.
It’s way too early to predict how 2019 home sales will end up. The slightly slower start is most likely due to the weather. Skittish stock markets and slightly higher mortgage interest rates may impact the number of sales. However, I think the average sales price will continue to climb- but not as fast as 2 years ago. The upside of the cold streak may be new buyers hitting the market after suffering for days cooped up with kids inside too small of a home. On the flip side, the burst of snow and ice may energize some empty nesters to finally put their homes (and long driveways) up for sale.
Buyers beware! If you wait too long the real estate market may be unaffordable. Sellers beware too! Unrealistic list prices will only get you many, many days on the market. And most likely a much lower sale price.