Many folks I encounter on a daily basis ask me, 'How's the market?' (Sometimes I get hit with this question before they ask me how I'm doing, so obviously this is an important issue).
While some economists are predicting dire times in the immediate future, the actual numbers display a totally different scenario. The numbers don't lie, and the facts speak for themselves. Simply put, the market has been and remains strong!! Further, all signs are that the market will remain strong for the next 12-18 months.
In addition to the local numbers I'm about to offer, consider this: Over the past 6 months, interest rates on mortgages have dropped. The average 30 year fixed rate for a residential mortgage is currently in the area of 3.75% (6 months ago, the rates were in the mid-4% range). Also, nationally, to-date in 2019, 31% of home buyers are 1st time home buyers (29% in 2018) and cash sales made up 19% of total sales (21% in 2018). All positive signs going forward.
As to the Daytona Association, covering a huge area of east central Florida, here are the actual current numbers for May 2019 as compared directly with May 2018, as released by the Florida Realtors:
Single family home sales are up 7.1% over May 2018. The median sales price ($245,000) is up 7.0% over May 2018. Sellers are receiving 95.0% of their asking prices (95.9% in May 2018). The median time from listing to contract is 43 days (45 in May 2018), and the median time from listing to sale is 84 days (85 in May 2018). So, these last 3 are pretty consistent, again showing a strong and stable market.
As to the inventory that some say is weakening, we have 1769 active listings (1731 in May 2018). New pending sales (under contract) in May are 528 (490 in May 2018), and the months' supply sits at a very reasonable 4.3 months (same as May 2018).
The bottom line is, if you're considering buying or selling a home, the market is fantastic right now!! Why wait? Contact me today for an up-to-date list of available properties and/or to schedule an evaluation of your home as you prepare to hit the market!!
1st time home buyer? A little confused and intimidated? Contact me and I'll guide you through the process and simplify your home buying experience:
(C) 386.334.4136 (Call or Text)