July Market Update

Hi Everyone,

Happy August. July was a busy time for us here, both professionally and family wise. We brought home a new puppy right after the 4th of July, and needless to say, it’s been… fun.

Without further ado, our July Market Report

(Feel like watching the quick video, click here: https://youtu.be/kUsecYtzuNg

Sales Price:

When I say horizontal, I mean horizontal. We are definitely in a range my friends, and it doesn’t appear to be going anywhere (up nor down), anytime soon. For July, the Median Sales price for Single Family homes was $303,000 - down $1,000 from June, and up 4.5% from July of last year. I’ve been stating 3-5% for the year, and we’re really looking like that’s going to be a reality. Of course, a lot can still happen.

What’s most interesting about this range is that we have been between $297,000 and $304,000 for the last 12 months! In the last 5 years, we haven’t had such a strong trend to the horizontal as we are seeing now. This is not a negative thing, remember, just a ‘thing’. Take a look at the chart!

Inventory Levels:

We had 8,638 Single Family homes on the market as of 7/31, which was a 27.4% increase over July 2018, but down significantly over the last couple months. We hit a high of 9,546 in May of this year, so the dip in inventory shows proof that the summer selling season is in full swing.

This level of inventory creates an absorption rate, or months of inventory of 3.2 months. Again, we are in a range of 3 - 3.5 since September of last year. A drop of inventory holds true, and affected the months of inventory, as June was at 3.6 months.

Sales

For July, we had 3,171 sales of Single Family homes, about flat from the same time a year ago. And like I have said many times before, our seasonality is predictable and still in line. Take a look at the peaks and valleys of this chart over the last 5 years. Highs are almost always between May - August, and the bottoms are always between December and February. Rinse and Repeat.

Marketing Time

Again, this is based solely on the masses of homes. However, that’s what we study. The Median Days on Market for July was 24 days on market, which was 118% higher than July 2018, when the Median was 11 days (the lowest we’ve ever had on record in our MLS). We have dropped from the high in January of 33. Again, what this means is that the median home is taking just about 24 days to go into contract. Half the homes are taking less time, half are taking longer. The average days on market is 41 days.

Pricing, now, more than ever, is really the determining factor, of how quickly a home will sell. Put the home on the market at a very appropriate price, and it will sell! Song as old as time!

That’s it for July. If you would like to see another stat, or a different stat next month, let me know!

-GZ