Sales Surge: Residential Home Sales Spike 10.9%
February Median Home Sale Prices Increase – Up 3.2% Over 2018
Real Estate Market Commentary for February 2019:
It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019,
because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions.
Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to
say how the entire year will play out, but economic fundamentals remain positive.
The National Association of REALTORS® recently reported that national existing-home sales were down slightly during January 2019
and that pending sales were up in year-over-year comparisons. It is worth noting that some softening of sales was anticipated, as was
a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some of the necessary
machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their
homeownership goals.
Single-Family Real Estate Quick Comparisons:
- Across the combined categories of Residential and Condominium, Days on Market stayed the same Y-O-Y at an average of 52
days.
- February saw an average of 7.4 showings per listing across the entire MLS. This was up slightly M-O-M from 6.7 in January and
down slightly Y-O-Y from 8.8 in February 2018.
- 3.6% of Residential and Condo On-Market listings are flagged as “lender mediated”. These listings include foreclosures and those
marked as short sales. This percentage is unchanged M-O-M and down 1.1% Y-O-Y based on the recalculated percentage for February
2018 which is 4.7%.
February Five (5) Year All-MLS Median Sale Price Trend for Res & Condo Sales
* = Recalculated figures pulled from Realcomp’s MLS statistical database as of 3/11/2019.