Home Sales and Prices Expected to Continue Upward Trend
2018 was ushered in by a healthy real estate market in 2017. Inventory was tight, but rising home prices and stable mortgage rates were the norm. Opinions vary, but after researching various sources, the overwhelming sentiment is an optimistic outlook for the New Year.
Anticipated 2018 Housing Market Trends:
- Inventory will continue to lag behind demand, but may increase slightly in 2018.
“Buyers will need to be competitive and motivated to snatch up a home this year.”1 Be prepared for multiple offers.
- Price growth is expected to slow but continue upward.
“Barring any unforeseen events, expect ongoing but more tepid growth in 2018. Buyers may test sellers’ pricing, especially in the upper brackets. Supply-demand dynamics favor sellers below $500,000, buyers above.” 2
- Move up buyers are in the strongest position in this market.
- Mortgage rates are predicted to be “a touch higher than the rates for most of 2017 but still historically low.”3
Carver County Real Estate Update
Carver County finished strong in 2017; the upward trend is expected to continue.
- Home sales were up 13.7% over 2016
- Average days on market time dropped 36.9 % to a 53 day average
- Carver County median home sales prices were up 6.0% to $300,000
- Percent of original list price received was up 0.7% to 97.7%
Real estate broker John Wichmann is in agreement with the market assessment above. “I have never seen a market this strong this early in the year,” said Wichmann. “We are already way ahead of last year’s production; the primary drivers are a very healthy economy and great rates. The impact, however, is that a very limited inventory is driving inflation of values and multiple offers. We need inventory to accommodate the demand.”
If you are thinking of selling your home, now is a great time to put your home on the market!
1Chris Hogan, 2018 Investment Outlook,
2Annual Housing Market Report – Twin Cities Metro
3 Samantha Scharf, Housing Outlook 2018: 6 Predictions from The Experts, Forbes.com, January 3, 2018