Top 5 Takeaways From The October 2018 Sales Data:
1. Rising interest rates, the stock market decline, and seasonal slowness have finally caught up with the local housing market. We started seeing weaker numbers in July and have been urging our clients to prepare for a slower end to 2018 and start to 2019. Certain locations and styles will always command "top dollar."
2. Sales activity always starts to get slow in October thru the holidays, but this year with rising interest rates, we are starting to see the "reducing domino effect" cause concern for homes over $450,000. Some times when the market weakens, you see the people who truly need to move take less for their home then they would in the Spring and Summer months. This then turns into contagion and starts to force sellers to decide whether they wish to "be on a level playing field" with their competition or stick to their current asking price.
3. Despite tougher conditions, median home prices in Geneva, St. Charles, Batavia, South Elgin, and Elburn have either stayed stable or slightly increased in 2018.
4. Town homes have seen solid price growth over the last 2 years--the downsizing trend can be attributed to this demand. Also more buyers like the idea of a smaller space, no maintenance, and lower taxes. We continue to think there will be solid demand for town homes under $300,000 in 2019.
5. In a tougher market the Realtor you work with matters, Choose the THE PURCELL GROUP to buy or sell your home in 2019!!!