What does the 2019 market hold for Platt Park Realty?
First let’s take a quick look back at the year that was in 2018 for . Just like the six years before it was another strong year for home sales in the Platt Park neighborhood. Here are some interesting highlights:
- Total sales in the Platt Park Neighborhood jumped 15% with 151 sales overall.
- The median price for a Platt Park Bungalow is now $645,000, up 7% over last year.
- Overall home values rose 8%, which has been about average now for each of the past six years.
- There were 13 sales above $1,000,000 with the highest topping out at $1,600,000—a new home over on Clarkson. It was only three years ago, in 2015 when we had our first million dollar home sale in Platt Park.
- The market did slow and values did plateau for most of the fall, which followed the national trend.
So what can we expect for the Platt Park realty in 2019? There has certainly been a lot in the news about the housing market slowing, interest rates rising and the markets have been swinging in the wind of late. Here are a couple things to remember:
- During the great recession of 2008-2011 housing values in Platt Park actually went up 10%. Talk of a new recession therefore doesn’t rattle my cage too much when it comes to our neighborhood.
- Interest rates are up but historically not particularly significant. The stock market wobbling is actually good for interest rates, as it tends to put downward pressure on rates.
So taking into account those and other factors I expect 2019 to be another year of strong demand (lots of buyers) outpacing supply (homes for sale) with the predicable affect of prices rising once again—but probably slightly tempered compared to past years. Spring will see the biggest price increase with values plateauing the second half of the year. In short, still a great time to sell around here!
Give us a call if you’d like to chat. We’d be happy to drop over to discuss your home or any of your real estate needs.
See you around the neighborhood.
Tom & Denise Snyder