Market Slowly Continues to Climb
Average sales price in Lewis County rose about $1700 in the month of January. While not starting the year off with a “bang”, January 2019 only saw an increase of $900. Over the course of 2019, the market saw an increase of just under $35,000.
I continue to hear rumblings of a bubble. While I can’t speak to the future with any certainty, I will just saw that this market is totally different. In the crash of 2007/2008, many people were defaulting on their loans and there was an over-abundance of homes on the market. This time around, at least in Lewis County, prices are being driven up by a low inventory of available homes.
Prices should soften as demand ebbs & supply grows, but I personally do not see a crash, nor do I foresee prices coming down to recovery levels. At the peak of the 2008 Market, average sales prices were escalated to just under $217,000. Right now, the average sales price is $278,000. The crash dropped the county average a little over $73,000, so even if there is a crash, we will return close to 2008 peak levels!