After a bit of a hiatus, we finally sat down to talk the latest real estate market data we have- and much of it will surprise you!
There's a lot to unpack here. First, the average home sale price of $570k fell over the previous month, and last year. This is the FIRST time this has happened in several years, and offers pretty strong proof that the market has slowed down. For the last six months, prices had fluctuated but still remained higher than the previous year.
We also had just 261 sales last month! Again, the slowest activity we have seen in 2+ years, this time when it comes to sales volume. We do have a good clue as to why this is happening. Even though the average sale price is $4k LESS than last year, the average new list price is actually $50k HIGHER than it was last year. So homes are selling for less, but are being listed for a lot more. It stands to reason that a home overpriced by more than $50,000 will probably not move.
We also talk about the latest on the Empire Outlets shopping center- delayed for the FIFTH time since it was originally supposed to open in 2017. Now set for May 15th, will the two-year delay end up paying off after all?
Join us for a market discussion taken from our Facebook Live stream on April 12, 2019!