Dec 2018 Market At A Glance

Dated: 02/01/2019

Views: 150

Image title

As we begin 2019, it's a good time to look back at the past year and what the statistics have to say about the market. Without a doubt, there has been a softening in the market - a shift. Several factors contributed to this including interest rates and a strain on housing supply. Though home prices reached new highs in 2018, December ended with some downward trends.

Existing, single-family home sales totaled 372,260 in December, down 2.4 percent from November and down 11.6 percent from December 2017. December’s statewide median home price was down 0.5 percent from November and up 1.5 percent from December 2017. Statewide active listings rose for the ninth straight month, increasing 30.6 percent from the previous year. The median time on market was up 28 percent from 2017. The statewide Unsold Inventory Index was 3.5 months in December, down from 3.7 months in November. For the year as a whole, sales were down 5.2 percent from 2017.

What does this tell us? The market has shifted and this shift will inevitably have an affect on the next few months. Though we do see inventory increasing and we do expect sales to pick back up come springtime, sellers must realize that it has become more of a normalized market. Inventory is up and homes are sitting on the market a little longer. This does not mean it is not an optimal time to sell. Prices are still up from 2017, reaching all time highs. However, we can expect the drastic appreciation and bidding wars to subside over the next few years and stabilize.

Blog author image

Kurt Galitski DRE#01348644

Distinctive Strategies that Deliver Record-Setting Results When you combine Kurt’s passion and knowledge of the real estate market, you really gain an appreciation for what makes Kurt different. Bu....

Latest Blog Posts

The Best Time To List Your Home

While it's true, Spring is the busiest season for home sales, this doesn't necessarily mean it is the only time to list your home. Listing your home depends on many factors, most importantly is your

Read More

Hunting For The Perfect Home

This Easter, let us do the hunting for you! 877-957-6677KurtRealEstate

Read More

Secrets For An Eclectic Home

What it is: Eclectic style is the great equalizer. It reshuffles the rule book, mixing and matching old and new, East and West, luxe and humble, showy and quiet. It invites you to fill a space

Read More

Housing Proposal Of Gov Newsom Backed By CAR

The California Association of Realtors (CAR) announced their support of Governor Newsom's housing proposal to address the dire housing situation of the state. His new legislative proposals are

Read More