Market Update - 2019

It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.

Closed Sales were down 2.8 percent to 2,086. Pending Sales increased 10.6 percent to 2,786, and Inventory shrank 5.8 percent to 6,447.

Median Sales Price was up 3.8 percent to $173,900. Percent of Original List Price Received decreased 0.6 percent to 94.6%. Absorption Rate was down 4.5 percent to 2.1.

The National Association of REALTORS® recently reported that national existing-home sales were down slightly during January 2019 and that pending sales were up in year over-year comparisons. 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 homeownership goals.