Keeping you updated on the housing market and the direction it’s going.
Many people have asked me to help them stay updated on the market, and I want to oblige. I will continue to make more videos with updates because things change constantly. Today’s information is specifically about our local market. Here are four factors to pay attention to as the market changes:
1. Percentage of list price. In June, homes sold for 100.4% of their list price on average, but that number went down by 1.1% in July. There was also a 2.5% decrease in the percentage throughout the past year.
2. Days on market. The average number of days a home spent on the market didn’t change much between June and July, but it did increase from 27 to 73 days year over year, which is a huge jump! We will continue to see a rollercoaster in our market, but know that homes will take much longer to sell now.
3. Number of closed sales. The number of homes that made it through closing went down 5% from June to July and down 39% over the last year. Some of the recent changes may have been climate-driven, so this is one number I will keep a close eye on.
4. Inventory. The number of homes for sale has increased by 16% between June and July and by 35% over the last year. This increase could be a little bit because of seasonality. Even though the number is increasing, it’s still not close to past inventory levels when the market was stronger.
I want these market updates to be beneficial for you. If you have any questions, feel free to call or send me an email, I would be happy to help you.