Several things stand out when looking at market statistics for the 2nd quarter of 2019.
- There are a lot more condos and single family homes for sale.
- For both condos and single family homes, prices are still down from the peak of 2018.
- Days on Market is down for condos and relatively stable for single family homes.
It is important to note that we hit the peak of the market in May/June 2018. We have had a market adjustment since then, primarily driven by increased inventory. However, for single family homes, we have around 2 months of inventory, meaning we are still in a market that favors the seller.
This increased inventory is great news for buyers who have more choice in finding a home. We have seen some return to multiple offers but not at the pace we saw over the past few years.
With condos, in June we had just over 3 months inventory. The condo market is being driven by more condo projects under construction and being announced, meaning that the inventory level for condos should continue to rise. The increase in the number of available condos is great for buyers and home affordability—condos usually allow for buyers to get into the market at a lower price than for single family homes. In fact, my first purchase of a residential property to live in was a condo as that was what I could afford back in 1995.
The best news for both buyers and sellers is that we’re at a 12 month low for interest rates which are under 4%.
For more information on buying or selling, please reach out to me at Jamie@JamieFlaxman.com or (206) 790-0081.