Local Market Insight

Dated: 11/03/2019

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Local Market Insight

We believe the market remains greatly balanced between buyers and sellers.  Buyers are locking in mortgage rates close to historic lows - the average 30 year fixed rate mortgage is hovering around 3.78%.  These buyers are able and willing to spend more because the money is so cheap to borrow.  This is supporting a median sold price of $350,000, which is a 1.8% increase over this time last year.  Sellers are still benefiting from these rising prices, as well as low market inventory.  Limited inventory causes buyers to pay a higher price when a good listing is presented to the market.  While some may argue that a rising days on market (DOM) figure is indicative of a slowing market, we believe this is actually just over-confident sellers who think buyers have no limits to what they will pay.  Sellers who price their listings in-line with comparable sales are still ringing in record sale numbers.

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