We are already in our 2nd month of 2019 and I will be posting on January’s 2019 home sales in Oswego, IL in a 2nd post later today. Before I do that, I wanted to take a moment to look back at 2018’s closed single family sales and see how Oswego, IL did.
Here are the facts:
Oswego, IL like a lot of other communities saw a shrinkage in available inventory with more buyers looking than their were homes available. Oswego saw a drop of 8.4% drop in closed sales in 2018 compared to 2017. With 511 closed sales compared to 2017’s 558 sales. Despite this drop the average sales price went up 6.9% to $293,147 compared to 2017’s $274,330. Good news for seller’s but not for buyers. The median sales price also went up 7.2% from 2017’s $270K to 2018’s median price of $289,500!
Expert’s are predicting a slow down and lower price points in 2019 in major markets. Will this pan out in our area? Only time will tell. So far the Federal Reserve has indicated that interest rates will not be going up as fast as they did in 2018 which is good news for buyers. Will inventory levels increase? Many factors play into this – baby boomers giving up their big homes and downsizing, those in their 40’s to mid-50’s moving up to bigger homes due to job stability and finally, and buyers in their late 20’s & 30’s finally deciding to buy their 1st homes.
If you are ready to buy or sell in Oswego, IL don’t hesitate contacting Heart Realty Group to assist you into the right home at the right price – or sell your current home at the best price that the market will allow!