Category: Housing Market Update

The Green Team's December 2018 Housing Market Update was held on Facebook  Live Tuesday, December 11 at 2 p.m.  If you were unable to view the webinar live, you can watch it at your convenience here.  You can also sign up for future updates at GreenTeamHQ.com/hmu. This month's panelists...      Geoffrey Green is the President/Broker of Green Team Home Selling System.  In addition to moderating the monthly webinars, Geoff also presents national statistics as well as local updates for Orange County, NY and Sussex County, NJ.   This month he is joined by regular panelist Keren Goren, and by Joyce Rogers, both from Green Team New Jersey Realty. The National Outlook Will home prices continue to appreciate through 2019? Overall sentiment is that the housing market seems to be cooling off, so now  we're at the prediction stage, trying to foresee what will happen next.  Per the graphic, 99% of the 105 economists, market analysts and real estate experts consulted felt that home prices will continue to appreciate through 2019.  However, that does not mean that the market won't continue to slow; it means that the rate of appreciation will continue on a positive note. Most agree that it will continue to appreciate at a lesser value in the coming year.   Will there be a sharp turn in the housing market? Geoff Green finds this quote to be of great importance. Nobel Price Winner Robert Shiller is one of the thought leaders of real estate analytics. Compared to where we were in 2008, where almost 50% of transactions just went away within a two year period of time,  and where we are now, Shiller doesn't expect a sharp turn.  This point of view coincides with Geoff's observation's over the last several months. Looking forward - Predictions of the experts on home appreciation growth over the next 3-5 years This chart has been updated from November to include predictions of where things are headed in the future.  Some of the larger organizations that provide information to the industry are showing a slow turn to the downside.  And, important to note, there are no numbers indicating a reduction in price. Corelogic's State by State forecasted changes in price Price appreciation most often happens in the south and on the coast, where many people tend to move as they get older.  No projections are in the red for any state.   Historically speaking, most of the country is looking at a very substantial increase in terms of price.  The numbers are solid, and if this trend continues through 2019, it will be a very good year. December 2018 Housing Market Update - Orange County Units Sold The red line representing 2018 shows there is not too much of a variance between this year and last year.     Average Price Prices spiked during the summer and have been simmering down, coming a little closer to 2017's numbers.   Average Sold to Asked Ratio This number shows the price the home sold for versus the last asking price.   The higher the number, the hotter the market.  This is a mixed bag result from 2018 over 2017. Read More