Today we’ll be comparing the numbers from our January 2019 market to those of January 2018.
10,905 homes came on the market in January 2019, while 10,594 were listed in January 2018—an increase of 2.9%. We had 20,616 active listings this January, while there were 19,147 last year—a 7.7% increase.
5,466 homes sold this January compared to 6,208 last year—a 12% drop. The months’ supply of inventory increased from 3.08 last year to 3.77 this year.
The market is shifting toward a normal market. We’re leaving the times where you can put a sign in your yard and get five offers in a day. More homes will come on the market and listings will take longer to be sold. In fact, the Cromford Market Index peaked at 165 in August and is now at 131—a 20% decline over six months.
There are more buyers coming into the market because mortgage rates have dropped. If they continue to trend up, however, these buyers will likely back out again.
If you have any questions or need more information, feel free to reach out to me. I look forward to hearing from you soon.