Still not firing on all cylinders. We ended 2018 with strong sales and value growth. Thus far, 2019 has been a dud. 74 homes were sold in March 2019. This compares with 86 in March of 2018 (down 14%) but up from 59 homes in February (up 25%). Through the first 3 months of 2019, 199 homes have been sold. This compares with 238 from the first quarter of 2018 (down 16%).
I think it is premature to get too excited. We have had a record amount of snow this winter. While the snow has really injected money into our local businesses, it has had a negative effect on the Northwoods real estate business. I still believe that we will have a strong year. Inventories are still good and interest rates are quite affordable at 4.375% for a 30 year fixed rate mortgage. There are some excellent values particularly on off-chain lakes.
Winter is fading and spring temperatures are here. We will be green before you know it!