Comparing My 2018 Housing Market Predictions To Reality


Comparing My 2018 Housing Market Predictions To Reality
By Scott Rogers • January 3, 2019
As shown above, I was a bit too conservative in predicting 2018 home sales. After we saw a 5% decline in the pace of home sales between 2016 and 2017 I was predicting we'd see another (smaller) decline of 2% between 2017 and 2018. As it turns out, we actually saw almost a 3% increase between 2017 and 2018. Even though we had low inventory levels all year long, buyers still found homes to buy -- which created a slight increase in the pace of sales, and a further decline in "days on market" in 2018. And -- I was a bit too conservative on the change in median sales price as well! After a 3% increase between 2016 and 2017 I was predicting another 3% increase between 2017 and 2018. But no, we actually saw almost a 7% increase between 2017 and 2018 up to $212,000. Please note, again, that this 7% increase in the median sales price might be (almost certainly is?) the result of a change in the mix of what (detached vs. attached) as opposed to all values actually increasing by 7%. Read more here. Stay tuned for some predictions for 2019 in the coming days! Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 22, 2024 (unless otherwise noted).
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