Here’s a quick update on the first quarter of the 2019 real estate market.
In the first quarter of 2019, sales were down 2.6% as compared to the first quarter of 2018. However, the number of homes listed for sale rose by almost 2%. This is good news: In 2018, there weren’t nearly enough homes for sale, and while this remains the case in 2019, we did see a little bit of relief in the first quarter.
Over in Spencer County, sales were up by 15%, while the number of listed homes in Vanderburgh County rose nearly 7%. In Gibson County, the number of listed homes increased by about 15% in the first quarter.
Now, in Warren County, the number of homes sold went up, while the number of homes listed fell by almost 4%. Newburgh has been in a very tight market over the last several years, and it only got a little worse in the first quarter of 2019—there is a huge shortage of homes for sale in Newburgh.
Let’s move on to interest rates.
In late 2018, interest rates dropped from over 5% to about 4.25% by the end of the first quarter of 2019. This is also good news because it means that homes are more affordable for buyers. For sellers, it’s good news because that means you’ll have more buyers capable of making offers on your home.
Overall, our market is off to a great start in 2019. If you have any questions about your specific situation or would like more information about a certain price point or area, feel free to reach out to me. I’d love to help.