January 2019 Market Update
The ELEPHANT in the room! The 4th REVOLUTION! These are thing things people aren't talking about, but are impacting the real estate market. In this episode of Around The Block in Annapolis I walk you through the state of the real estate market. Have you been wondering why your real estate agent seems so nervous? Wondering if it is a good time to list or buy a house? Hangout with me for the next few minutes and I'll explain everything!
Happy New Year. It's Brendan from Caprika Realty with another episode of Around the Block in Annapolis. Right now I'm at Annapolis Town Centre, it's getting slightly colder. I wanna bring you the Market Update for 2019, kicking off here in January.
There's some really crazy and exciting things that are going on. 2019 is gonna be pretty strong. There's some exciting news I can share with you just in terms of what's going on in the market, what some of the top economists are saying. I'm gonna break some of this down for you.
First, the big elephant in the room, if you're hearing different real estate agents talk or you're hearing other people in the industry, a lot of them are talking about this shift that is going on. And even in my first episode, actually, of Around the Block in Annapolis, I mentioned that there's a normalization that's happening. That we're going towards a, not quite a buyer's, not quite a seller's market. Things are just evening out. Which actually is a really good thing for where our economy is right now.
The thing is you're gonna hear a lot of fear from different agents. And it's gonna sound a little scary. Part of that is because they're not just afraid of things slowing down. They may not know how to market. They may not know how to position your house. They may not know how to price the house. They don'tknow if they're keeping their job, but they're also afraid because there's another thing that's going on, which is this fourth revolution that has to do with artificial intelligence, big data, and just the fact that there's about $3 billion dollars that have come in to the real estate industry.
All of that stuff right now is not gonna impact you. You don't have to worry about that. There's gonna be some really wild stuff that's gonna be available to us over the next few years. But those things, because they're new, real estate agents are scared.
The median sold price is up 6%, November 2018, compared to last year. So that's pretty solid, I like that. Number's going up a little bit. Also interesting to know is that the amount of properties that have sold have gone down slightly. There was only 113 homes that closed in November 2018.
Our median days on market is 61 days. Now take that with a grain of salt just because we have a lot of high end properties that take a long time. And we have some less expensive stuff and some moderate stuff. So don't worry too much on the days of market until you get into the fine point of what type of property are you considering. And then the days on market really will make a lot more sense.
You know, the market's still moving. Yes, we're slowing down just a hair. Things are taking a little bit longer to sell, a little bit less inventory maybe is being put on the market. But really things are moving well.
Some of the things why I'm excited about 2019
The first thing is 100 of the top economists that deal with the real estate market were just interviewed. 94 of 100 said that prices are going to continue to rise in 2019. Now the nuance here is they say slightly rise. So we're not expecting 10% to 12% gains. And six say flat or maybe just a hair down.
A couple other interesting statistics Freddy Mac believes that there'll be more closed transactions in 2019 than there was in 2018. And the last big statistic, coming from the home builders is that they, nationally speaking, that there is a supply shortage of new construction housing starts. So the point is, they still is demand. If a community's seeing new construction, a lot of stuff popping up all around the area, you're gonna continue to see prices maybe flatten out, some just move up just a hair. So it should be a pretty healthy market. You just have to be prepared to prep your house appropriately if you're looking to sell. Just remember, everybody and their brother now has access to the phone, their looking online. They see the pictures. So you gotta make sure you're doing the right things.
I'm looking forward to a solid 2019 and thanks for watching. If you like this please comment below. If you have any other businesses you think that I should go interview please let me know.