Thank you for joining me on my market update, my name is Lana Harris with Team Schlopy here in Park City. And I wanted to go over everybody’s big question, what is 2019 going to look like.
Stats from the Past
I’ve got a couple of stats for you that I hope will be helpful in navigating what the market’s going to happen in 2019. So in 2016, we were seeing some pretty substantial increases. So in 2016, we had a 15% increase over 2015. That’s pretty high. So definitely seller’s market at that point and it still continued to 2017. So in 2017, we also were in the double-digit at a 12% increase. I think that we’re coming at a little bit more of a stabilization. So in 2018, we had a 1% sales market growth for gross numbers just exceeding $2.5 billion in the Park City market. With these big increases that we were seeing in 16 and 17 and 18, we’re showing just single-digit increase.
Why it will be a Solid Year
I still believe that it is a solid market that we are having, probably still a little bit on the seller’s side, more than the buyer’s side. Coming into just this first month in 2019, our numbers are equal to what we did in 2018 in January. So when you’re comparing month to month, we’re flat. So I believe that we’re gonna have a very stable market coming into 2019. May not be as top-heavy as far as seller’s market but I think if you are a seller and you wanna put your property on the market, make sure that you price it to the market price. Since we’re not seeing those heavy increases, you don’t wanna overprice your property because what happens is that you end up getting less for your property than you would have if you priced it at the market price. And make sure that your marketing team is well qualified in getting your property out there. I think that we will have a very stable 2019 as long as a seller are reasonable for what’s going on in the market. I also read a report from the FEDs that they’re not going to convene again until March. But they have pulled away from increasing interest rates at this point. So for those buyers that are out there, this is a great time to be looking at properties, you can get at a phenomenal rate and still get a great property.
So I think coming into 2019 we are going to have a stable market and I look forward to working with all of you guys even my fellow agents on the other side. I know that we do a great job of helping our clients get their dream homes. So that is our market update, I look forward to seeing and working with you all and if there’s anything that we can do, reach out to teamschlopy.com. Thanks.