2019 Market Thoughts 🤔
Whoa! 🖐 What Happened in December ‘18?
3 Stories You Should Know About the 2019 Port St Lucie Real Estate Market
🏡 Residential sales dropped a whopping 21.3% in December 2018 as compared to Dec. 2017. 2018 ended with 5441 sales in PSL the same as 2017 for 0% growth in sales. The median price was up 9.7% year over year finishing at $220000 (that number remained somewhat consistent for the last 9 months of the year). 📉
So what happened in December? Was the midterm election overly “noisy”? You can be the judge of that. Were higher rates to blame? Possibly. Was limited inventory a factor? For properly priced move in ready homes… likely. And what will be the story in 2019? 📖 Read on…
#1️⃣. For buyers, current interest rates still allow for payments lower than rents. However, that margin is certainly thinner now than 2017 and the Federal Reserve may raise rates 2 more times this year.
Consider where you are in your life story… and if your family, employment and financial situation seem to warrant buying a home… do it! 💥
#2️⃣. Inventory began to loosen in the second half of 2018 ending with 395 more residential units listed in 2018 for a 5.3% year over year increase. Total listings for 2018 were 7834 including over 200 new homes currently on the market. In July there were 396 homes for sale under $250000 in PSL… now there are over 600. With more inventory & higher rates, prices should stabilize in 2019. Certainly another 9.7% increase seems unlikely. 😏
#3️⃣. For sellers… will 2019 be a good time to sell? Depends on your story. Do you have a specific move in mind? Are you selling a rental home due to increases in expenses? If you’ve been waiting for a “peak” in the market, are willing to properly price it and your house is in good condition- we feel now is the time!
If you’re just “trying” the market to obtain a higher than market price based on recent past appreciation then disappointment may lie ahead.
💥 Please check out our web site BradleyRealEstatePSL.com for Selling & Buying tips and our Blogs.
💥 At Bradley & Associates Real Estate we write 2 stories particularly well. One is assisting homeowners prepare, properly price and promote their property for a timely sale.
💥 We also buy homes in nearly any condition to Renovate and bring Move In Ready homes to the market. Reach out to see how we can Focus On Your Next Move.
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