Year End Market Update
We're excited to talk to you about the end of 2018 and how the Real Estate market fared last year. And we're even more excited about 2019 and what we're beginning to see happen in Real Estate.
Most people are surprised to learn the amount of real estate transactions that actually close in a year's time within the River Valley. When we talk about the River Valley, we're not just talkign about Russellville, but the various counties we serve in the Central Arkansas area.
Just to give you an idea of what happened with real estate sales in 2018, did you know we had a total of $411 million in closed transactions! Those transactions weren't for Remax alone, or just in Russellville. That is the cumulative amount of the entire MLS (multiple listing system) that all the realtors work within our community. I think you'll agree that $411 million is a pretty large number! This amount is up $16 million from 2017. The average sales price for homes in our area for 2018 was $127,500, which is also up from 2017.
We experienced a Seller's Market for the majority of the year in 2018. However, we have started to see that transition just a little bit toward a Buyer's Market at the end of the year and in the beginning of 2019 so far.
We are really in need of homes to sell! We are still short on supply. So, if you or anyone you know is considering making a change in the near future, there is no better time than the present!
We saw interest rates go up at the end of the year and they are projected to continue rise a bit more in 2019. But it is projected that the real estate market is going to be very strong.
We're excited about the New Year and new opportunities!
If we can help you in anyway or if you have questions about any of this information, we would love the opportunity to visit with you!