Just like our clocks this past weekend, in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale has been holding back the market.
Many potential sellers believe that waiting until Spring is in their best interest. Traditionally, they would have been right. Buyer demand has seasonality to it. Usually, this falls off in the winter months, especially in areas impacted by arctic conditions (like Summit County).
That hasn’t happened this year.
Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with an increase in rates forecasted for 2019, buyers are increasingly jumping off the fence and into the market to secure a lower rate.
- New Listings were up 23.1 percent for single family homes and 19.8 percent for townhouse-condo properties.
- Pending Sales landed at 92 for single family homes and 162 for townhouse-condo properties.
- The Median Sales Price was up 7.8 percent to $792,500 for single family homes but decreased 31.2 percent to $426,000 for townhouse-condo properties.
- Days on Market decreased 15.2 percent to 95 days for single family homes but increased 26.2 percent to 82 days for townhouse-condo properties.
It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their home ownership goals.