We are seeing the months of inventory increase as the sales drop off
and inventory now being at 93% of the 5 year average.
This month might be the change month, the interest rates took a big jump and buyers are being more and more cautious at the moment. People are still buying and selling, however fewer and fewer are buying right now.
Pricing still is the number one issue for a buyer and the market is moving into a buyers market, especially in the single-family home market where townhomes and apartments haven't been affected as much yet.
305 total sales in June (Down from 394 sales in June and also down from last year's sales of 604 sales last July
2,458 total active listings currently which is up from 2,302 active listings in June. The end of July listings are down compared to the 5-year average of 2,627 listings but up from 1,382 last year. Currently, we are sitting at 93% of the average amount of listings for this time of year based on the average which is signifying nearing a balanced market.
July median days to sell increased slightly to 29 days and the average days to sell increased to 38.
This past week we saw 114 Price Reductions.
Based on the sales and the number of active listings, the current months of inventory is sitting at 8.06 months which is well within the buyer's market range.
Single Family Residential Homes
Single-Family Sales 140
New Listings 524
Current Inventory 1,396(1,313 in June and 706 last July)
Total Sold Dollar Value $165,982,980
Median Days to Sell 33
Average Days to Sell 39
Average Sale Price $1,185,593
Months of inventory 10.05
Townhome Sales 52
New Listings 104
Current Inventory 282
Total Sold Dollar Value $36,779,455
Average Days to Sell 33
Median Days to Sell 25
Average Price $707,297
Months of Inventory 5.42
Condo/Apt Sales 85
New Listings 267
Current Inventory 208
Average Days to Sell 36
Median Days to Sell 29
Average Price $517,380
Months of Inventory 5.46
Let me know if there is anything I can do for you!
Have a great week and feel free to reach out with any questions!
Personal Real Estate Corporation
Coldwell Banker Horizon Realty
2021 Top 3% Internationally Coldwell Banker