January 21, 2019
After studying the 2018 full year recording numbers, I’ve concluded that the Monroe County sale and mortgage market remains steady without any discernable trends – either increasing or decreasing. (chart page 7). Sales disclosure data (charts pages 17 & 18) reflect the same level of consistency.
Given the continued shortage of homes on the market, the equilibrium between inventory and closings may be reassuring when projecting 2019 numbers. Assuming the inventory shortage remains, there’s a case to make that the number of transactions won’t decline. Perhaps there will only be fewer multiple offer situations. Or, a seller may need to wait a few days for an offer instead of a few hours.
Year to year fourth quarter mortgage recordings were lower (charts pages 8, 10 &11). That’s probably due to slightly higher interest rates resulting in fewer refinances. Our own book of business supports this hypothesis.
The number of new foreclosures filed increased in 2018 (chart page 20). They are however, significantly lower that during the great recession and remain in a historically normal range.
Thank you for allowing us to help you and your clients in 2018. We’re excited about 2019 and hope that you are too!
~ John Bethell