What does the 2019 market hold for Washington Park Realty?
First let’s take a quick look back at the year that was in 2018 for Washington Park Realty. Just like the six years before it was another strong year for home sales in Wash Park. Here are some interesting highlights:
- Total number of sales was unchanged from a year ago which is healthy.
- The median price for a Bungalow in Washington Park is now $615,000, up just 2% over last year.
- Overall median home values rose 6%, which is slightly less than we’ve seen in the past six years.
- There were 15 sales above $1,000,000 with the highest topping out at $2,300,000. This is the first year we’ve seen a two million dollar sale and there were three of them.
- The Washington Park market did slow and values did plateau for most of the fall, which followed the national trend.
So what can we expect in 2019? There has certainly been a lot in the news about the Washington Park 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 Washington Park actually went up around 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