- Median Sale Price er Sq Ft is up 9% over last year
- The average days on the market for homes was 50 days (Days before the seller accepted an offer)
- December is historically the slowest month for new active listings to come on the market and for homes to sell.
From the Cromford Report for the Phoenix Valley – 2019 Predictions
Seasonally, this is the calm before the storm in terms of buyer activity. Every year, listings under contract drop sharply in the latter half of December before reaching their lowest point on January 1st. Conversely, between January and April buyer contract activity will sharply accelerate. How much it will increase this year remains to be seen depending on interest rates and other lending factors. The past 3 years has seen contracts rise roughly between 70-90% in the first 4 months. Despite this expectation, sellers need to be prepared to compete more in 2019 than they had to this year. The first 4 months are also typically strong for new listings to enter the market. Even though 2019 looks like it will start off with a seller’s advantage, it will be much weaker than last year. The market appears to be resisting higher prices for homes that don’t live up to buyers’ expectation of value for their money.
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