End Of Year 2018 Overview And What Is Going To Happen 2019

End Of Year 2018 Overview And What Is Going To Happen 2019

Wow can you believe 2018 is quickly coming to an end? The real estate market has been interesting this year in the East Valley. March thru July was insane with multiple offers, prices going up, and buyers needing homes due to the low inventory. Middle of July that trend started to slow down, as it often does with the start of school. Homes that were getting multiple offers within days if not hours of listing a home, started to take longer to sell. Days on market average for Pinal county was 75 days in 2017, DOM for 2018 was 72. So we seen a slight drop in this over the year. 

All of Pinal county:

2017 sold 9282 Median sales price $199,447*

2018 Sold 9142 Median Sales price $217,356*

So we dropped in sales for the year by less than 100. And seen a county increase in values of homes of 9%. In 2016, we seen a increase in values of 9.5%, and about 1000 less homes sold in 2016. 

Interest rates in 2016 were hovering around the 3.6%, 2017 it was 4.1% area. 2018 interest rates around 4.6% and projections for 2019 to be 5.2%.  (These rates are NOT the APR rates and are a general overview).  THESE are still GREAT RATES!! 

BUT what is going to happen in 2019?  I wish I had a glass ball, but there is a lot of talk of a market change OR WORSE A RECESSION. This does NOT mean a housing crash, which is the buzz among sellers and buyers.  The economist are saying we are going still going to have HOME APPRECIATION!! 94% are saying this!! BUT we won't see the trends we seen the last 2 years of 9%  home appreciation or more, but a 4% appreciation in home values. This means a BALANCED, NORMAL market!! 

What does a balanced market mean? 

What a balanced market means to buyers and sellers, is that there is a 6 month supply of homes active for sale. This means that if not ONE seller put a home on the market to sell there would be a 6 months supply of homes for buyers to choose from. Now this would never happen, that NO homes get put up for sale, it means that homes are going to be sitting on the market for up to 6 months or more to sell. Of course this will have many determining factors, ie: price, location, condition, and so on. This is where an expert in selling homes in YOUR area is going to be key to getting your home sold quickly and for the most money. 

But what does that mean to sellers and buyers in the next 2 years? IT means that WHO you work with is going to matter even more!! Gone are the days of putting your house on the market or MLS and it getting sold!! NOW agents are going to have to work to sell homes. Agents are going to have to market homes to get them sold. Sellers are going to have to be educated in the market and buyers & sellers are going to need experts to help negotiate.  Part time agents will begin to lose interest in the real estate, because it's not as easy any more, or they don't have the time (because of another part/full time job) or the resources (money) to market the home to get the most exposure. The part time agents in the industry will also not as likely be up to date with market trends because they are not in the "trenches" of the market day in and day out. 

With all this said, if you have any questions about the real estate market, I would love to visit with you about the trends or possibility of selling your home please contact me at 480-275-9566 or 602-842-3081. OR if your looking to buy!

*Numbers from MLS and may not reflect new homes sale and non MLS sales.

Rebecca Kallhoff Headshot
Phone: 480-275-9566
Dated: December 27th 2018
Views: 2,248
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