I wanted to give you a quick update on how the real estate market in Union is doing so far in 2018. I put together data from January 1st through Feb 15, sort of a "mid-quarter" summary. Here are the highlights:
The year-over-year data shows continued growth in the real estate market in Union. Inventory remains low, as evidenced by 53 fewer homes on the market this year compared to last. We except this trend to continue as many homeowners are still waiting for their home values to rise above "Pre -08' crash" levels before even considering to sell.
Of course there are some mitigating factors to consider: The stock market is currently experiencing a "correction", which could impact the real estate market if it continues to slide. Interest rates are also expected to rise, with some experts believing we could see a leveling off at 5% by the end of the year. However, it may be too early to predict to what extent these economic forces will effect our local market.
Union, however, continues to develop and expand. The town has initiated projects to improve the streetscape and attract new businesses to Union Center, and several large commercial developments are expected to be completed this year. I will follow up on these changes and how they impact home values in a future post.
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