Brian Buffini, a well-known real estate trainer and speaker, recently shared his real estate predictions for 2020. Buffini spoke about the positive fundamentals for the economy:

1. Very low inflation rate of 1.8%
2. Very low unemployment of 3.6%
3. High labor participation rate of 63.3%
4. High consumer confidence of 96+

Buffini agreed with Lawrence Yun, NAR’s Chief Economist, recap and predictions for the real estate market.

                                                          2018              2019                2020
   New home sales                      627,000         701,000           750,000

Existing home sales                     5.34M             5.46M               5.56M

Median price growth                     5.7%               4.9%                  4.3%

30-year interest rate                     4.7%              3.7%                 3.75%

As you can see, the prediction is for new home sales and existing home sales to continue to grow, price increases to slow down slightly and interest rates to stay low. All very good news.

The Northeast Florida Association of Realtors market stats for November 2019 also show positives for our local real estate market. Pending sales are up 6.8% year to date, closed sales are up 4.5%, median sales price is up 5.2% and the average sales price is up 3.5%.

The inventory of homes for sale in November is 8,427 which is down 15% from last November. This is the smallest amount of homes available since January 2018. There is a 3.1 months supply of inventory which is down 20.5% from last November.

We wish you a Merry Christmas and Happy New Year! Thank you for all the past support and referrals and let’s make 2020 the best year ever.

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