There’s a phrase going around some of the national real estate media: January is the new April. What it means is that there are signs nationwide that home buyers aren’t waiting until the spring to get active in the market; low inventory and low interest rates, among other factors, are encouraging buyers to begin their home search now.
I don’t usually focus much on what’s going on nationally because all real estate is local, and the Tri-Cities market often bucks whatever trends are happening elsewhere. But look at the number of homes sold in our current market update: 379. That’s the total homes sold in December, and it’s slightly up (2%) from the previous month.
No big deal? Well, perhaps no big deal if that’s typical for this time of year. But a year ago this month, we reported 267 homes sold, which was down 24% from the previous month.
In other words, there was a lot more buying activity at the end of 2019 than there was a year ago, which is an interesting change that we’ll watch again next month. A year ago, between January and February, homes sold dropped another 7% (on top of the December-January 24% decline). We may just be seeing a one-year anomaly. Or we may be seeing that buyers aren’t waiting until spring to go out and get the home(s) they want.
Here are some other interesting things from this month’s market update:
Give us a call, text or email if you ever have questions about the housing stats here in the Tri-Cities, or even in your specific neighborhood. We’ll be keeping a close eye on the market to help our clients make the best decisions for their buying or selling situations!
(*Remember that days on market can sometimes be skewed by how new construction homes are processed in the MLS.)
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