Quarterly Note - 4th Quarter 2018
Happy New Year! Please peruse our Quarterly Note on quarter four that includes what has happened, what is happening and what we think might happen in the near future, along with analytics on the Twin Cities and South East Florida Markets.
Florida vs. Minnesota MarketS 4th Quarter 2018
The 4th quarter Luxury Market of 2018 showed similar results in both Minnesota and South East Florida. October and November were above 2017 while December 2018 dropped below the prior year in total dollars and units sold. Median prices held close to 2017.
One interesting statistic is that December 2018 pending sales were significantly above December 2017 in both Minnesota and Florida.
*For homes priced over $1 million.
While the market in both regions fluctuates even from city to city, it appears to be softening a little with the uncertainty of the financial markets. Unemployment is still low and the economic forecast is still favorable. Inventory levels continue to be challenging and low as we enter 2019. Our forecast, in the Luxury Home Market, is to expect similar results for the same period a year ago.