In today’s political climate, your outlook for 2019 is likely framed by your support or lack thereof for our president. While 2018 brought record performance for most economic indicators, the outlook from most financial publications for 2019 seem to follow party lines as well.
In October, Fed Chairman Jerome Powell indicated the US economy has experienced “extraordinary times” in 2018: GDP growth is on pace to exceed 3%, the unemployment rate is at a 48-year low, and inflation is at a healthy level. As we look ahead to 2019, the question on everyone’s mind is how long the good times can last.
There are certainly potential concerns to keep an eye on as they unfold this year. From Brexit, Italy’s fight with the European Union, renewed U.S. sanctions on Iran, the potential Chinese debt crisis, and vacillating stock markets, to US international trade policy, current government shutdown, and scheduled interest rate hikes. The effect these topics will have on the US economy is debatable, but it seems regardless of the headline, the underlying data indicates a sturdy US economy in 2019.
In its 2019 outlook, Goldman Sachs projects growth in GDP to be between 1-2%, with consumption growth of 2.5%, growth in business investment of 4% and unemployment dropping to 3%. All pretty good news.
What does this Mean for Indio Communities?
Will the momentum of 2018’s strong economic performance and 2019’s outlook carry over into North Indio’s housing market in 2019?
The median sales price has steadily increased since the North Indio market bottomed out in 2011 (89% increase in median home price during this time). Units sold has fluctuated a bit due to the high number of foreclosures and shortsales (2009-2012), but has stayed pretty steady the last four years (362-415). Days on market has been very consistent, hovering between 65-71 days over the last 5 years. If inventory and absorption rate follow the 4th quarter of 2018 trend, expect home prices in Indio to continue their steady climb.
The table on the below shows all single family homes sold in select Indio gated communities in 2018. The Jelmberg Team always recommends obtaining a full comparative market analysis (CMA) by a licensed real estate agent with local market knowledge prior to listing your home for sale.
To get a CMA of your property call a Jelmberg Team real estate professional at 760-367-7253.
