What Changed in the Housing Market in January?

Today we’ll be looking at the latest numbers from our January real estate market.

There were 60 homes sold in January—38% less than in December and 29% less than in January 2018. Keep in mind that December is typically one of the best months in our market.

The median sale price of homes in January was $542,000, 7% less than December but 14% more than January 2018. We have 4.6 months of supply, an increase in about 15% from December, but 5% less than last year’s inventory at this time. 

In January, homes spent 109 days on the market from listing to closing, but the days to go under contract was 60. In contrast, the average days on market for active listings is currently 88. This shows that if you price your home correctly, it will sell more quickly. Take a look at the chart at 2:38 to see how effective pricing can make a big difference.

Lastly, conforming interest rates are currently at 4.25% while jumbo rates are at 4.375%.

If you have any questions or would like further information, feel free to reach out to us. We look forward to hearing from you soon.