July 2019 Columbia Market Update
The general U.S. economic expansion continued into the start of its 11th year in July 2019. The average rate of growth in this expansion has not been as robust as the 1990’s expansion, at 2.3 per year versus 3.6 previously. During this 10 year expansion, the unemployment rate has dropped from 10% in 2009 to 3.7 in 2019. The economy is expected to continue to function well for the rest of 2019, but a mild recession is becoming more of a threat.
Here are the numbers from the Columbia area for July.
New Listings - 1785 (up 13.1% from 7/18)
Rending Sales - 1482 (up 13.8 % from 7/18)
Closed Sales - 1397 (up 2.9% from 7/18)
Days On Market - 49 (down 3.9% from 7/18)
Median Sales Price - $187,000 (up 9.8%% from 7/18)
Percent of Asking Price Received 97.9% (0% from 7/18)
Months Supply of Inventory - 2.9 (0% 7/18)
New listings are up 13.1 % and pending sales are also up 13.8%. Prices have risen and the number of days on the market has gone down slightly to 49 days. Sellers are still getting 97.9% of their asking price and months supply of inventory remains at 2.9. For more information on key indicators of a healthy housing market, click here.
It is a great time to sell your home in the Columbia area. If you are a buyer, you need to present a strong offer and act decisively when you find a home. At Jeff Cook Real Estate, we can make the selling or buying process fast, simple, and stress-free. Whether you are a buyer or seller, call Jeff Cook Real Estate at 855-HEY-JEFF for information about your neighborhood market, pricing and marketing your home correctly, lending options, and anything else related to real estate.
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