It’s the time again. Another quarter has flown by and is in the books for real estate. So how is the market? We can take the brief media snippets we see on the news, or we can dive into some hard numbers and decide for ourselves. Let’s go!
Inventory is UP 8.8 % from Last Year
– This means we have more homes for sale that last year. Interesting statistic because last year inventory was down. Seeing it rise again could be a sign that sellers are more confident in listing their homes.
# of Sold Homes Down 3% From Last May BUT is UP 11% Year To Date
– Interesting contrast here. We are dong worse than last May, but overall for the year we are ahead. I believe this is due to the tax credit and the first part of 2010 broke sales records which is carrying our yearly numbers.
Under Contracts Down 31%
– I think this is a bit skewed because this time last year, the tax credit hadn’t just expired like it did this year. The market had a hangover from the tax credit rush and May and June were extremely slow. This will be a very important stat to track for the end of Q3 and it “should” improve. If it doesn’t, the # of solds may decline sharply when the final summer data is released later this year.
Days on Market is Down 19% from Last Year
– Homes are selling faster…bottom line. Good news for sellers. Bad news for buyers.
Average Sold Price in June was UP 3% from Last Year
– prices are trending upwards which is another factor that favors sellers and not buyers.
In summary, the tax credit has really skewed annual numbers and we will need to see 3rd quarter results to know if the market is really improving or if these are false signs. What I do know is that homes under about $225,000 that are priced well are seeing multiple offers and are going quickly. It’s once you get above $375k that the selling time takes a little longer. First time buyers….the market is shifting and interest rates are crazy low….but your time is running out to take advantage of the market. Sellers…next year you may just want to pull the trigger and sell because I think prices will start “slightly” trending upwards.
If I can answer any questions or be of any help to you just call or write! My contact info is at the top right of this website. Mike