August 13th Market Update
Time is flying by this summer and it’s time for another market update.
The median sale price was up in July compared to July last year. After 2 months of decline, the number of closings were up in July compared to last year. Pending homes (under contract) were also up in July. 54% of all homes sold in July, sold in the 1st 30 days at 102% to list price on average.
As of today there are 259 active and available listings and this is the highest level of inventory we have seen in over a year. Keep in mind we are still at historical low levels of inventory. The most active segment of the market is between $250K and $700K where 47% of the inventory is sitting but 60% of all sales in July occurred.
The big question right now is will the Fed cut interest rates in September. Everyone is hoping the answer is yes. Interest rates have started to come down at the beginning of August but they rebounded shortly after and continue to bounce around in the mid 6% range. Since so many buyers and seller are currently held back by interest rates, it will be great to see rates move downwards and stay down.
There is a lot of opportunity in the market today for both buyers and sellers
For buyers, more options than we’ve seen in over a year. Since inventory is sitting on the market longer, there is more room to negotiate on price and terms especially with homes that have been on the market for more than 30 days. Easing interest rates are going to increase your buying power.
For sellers, despite an increase in active listings, we are still at historically low inventory levels. Sale prices continue rise (although at a slower pace than 2 years ago) and homes that are priced right are still selling within the first 30 days at 102% to asking price on average.
If you are curious about the buying or selling in the near future reach out to schedule a buyer or seller consultation.
