In 2019 we had the lowest average price appreciation in about 6 years, as our market had some ups and downs during the year and finished the year with the Average Single Family Home Price at $526,784 up only 2.8% Annually! Townhomes/Condos were also in the single digits of Appreciation at 4.3% Annually and the average price at $361,894!
The combined Residential Market including all Single Family and Multi Family homes ended the year up 3.19% with the Average Price at $478,572!
The biggest change in our late 2019 market was the Buyer demand increased in November and December and they bought some homes, and left our Year End Inventory down 12.6% to only 4,399 total homes on the market!
We are starting 2020 with great optimism, but back to the challenges of lower Inventory (good for Sellers) Strong Buyer demand again, (cautious not to overpay) and continued low Mortgage Rates! The general economic feelings are that we won’t see a Recession in 2020, and we agree without unpredictable events, the future for buyers and seller is very bright!