August 20, 2021 at 11:17am | Jonathan Crompton
Do you hear that?!

I can hear the parents now....slowly cheering that school is starts soon!

Summer is coming to an end...well it ends in September and yet with school starting right around the corner it feels it is. Typically August starts to trail off with listings, contracts and closings and traditionally we see a little slow down from Fall into Winter.

We did not see that last year, it was almost as we had our Spring market in the Summer and our Summer Market in the Fall/Winter and right into another Spring market...with 0 inventory and 5 buyers for each home... We are seeing some slow down, in terms of multiple offers depending on price point/areas.

That all being said we are still seeing low inventory, though it is coming up, slowly and it will be interesting to watch the Fall numbers as time goes on.

To the Update! 










Average Sales Price:

The average price in July  was $484K which was up an astonishing 15.1% over the same time period of last year.   Still lack of demand is keeping that price point high.  The new construction in the area is also keeping that price high as the new builds are costing more and the builders are rolling that over to the consumer and the lack of inventory in the resale market is allowing sellers to push the envelope on price, to some extent.



Average days on market:  

Our Average Days on Market for a home are at 14 days, which is down 72/.5% from this time frame last year.  Still not taking a lot of time, on average, to sell your home.  If your home looks good, smells good and is even just a little bit overpriced you can most likely expect to get an offer on it!  It will be interesting to see if we truly see a fall season in terms of sales.  Traditionally we slow down as we approach Nov and December, rightfully so, though last year was an exception to the rule!

Average months of inventory:

It seems the buyer demand is not going away  as we approach Summer... We are currently sitting on 1 Months of Inventory, which is down 63% from last year. Hey this is the first time in a long time we have seen this!  I am glad to see inventory hit, it is going to help stabilize the pricing we have going on. Though the inventory is keeping all areas in a sellers market and a robust sellers market at that.

New listings on market:

Again we have another month of positive numbers for listings.  Last July we saw a huge amount of homes hit the market, again we were coming back into the world some as Summer was opening the market up for showings   In July we saw 2,609 new listings hit the market, which was up 2%,  which is the direction we are hoping for, though with the demand so high it does not translate with amount of Homes on the market.

Homes under contract:

So, compared to last June we are flat in contracts written.  We are seeing inventory rise, slightly, though rise.  It is also Summer and the first "true" Summer after last years lockdowns.  Is this number flat because everyone is putting plans on hold or is this a new trend?  This will be very interesting to watch for the coming months.  Typically our Spring season is where we see the most contracts written and it tapers off seasonly as summer goes on.   July saw 2,187 Homes go pending which was DOWN  7.1%.    

Closed Homes:

July was slower with contracts and that translated into the closed homes.  I also believe with the lack of new construction in some areas unable to be built in normal timelines due to the supply chain earlier this year...we may see an influx of closings later this fall due to that delay.  In July we saw 2,112 Homes go to the Closing table which was DOWN 13.2%  since last year. 

SO what does this all mean!

We had one heck of a run and still are in terms of sales. It is interesting to see that we are having one of the best years on record ever, with such limited inventory. Makes one think would this be happening if we had a 4-5 month supply on inventory? If so would we see a higher sales environment? I suppose we will never know.

What I do know is that we traditionally see a "slow" down once school starts and then a soft bounce back after Labor Day weekend. I am not sure what to expect for this fall as again, last fall was anything but traditional.

If you are trying to time the market to sell, I think your window of opportunity may be within the next 12 months or less as we see inventory hopefully rise... Buyers right now(as I type this up) are benefiting from the situations with really low rates, today I saw they dropped to 2.77% for a 30 year fix...you cannot borrow money any cheaper. When the Feds ever raise the rates..it will also help slow down the pricing increase due to buyers loosing their buying power....

So if you are thinking and would like to learn more about the off market opportunities that may fit your needs, give me a ring!

I would love to connect so please as always, reach out with any questions!

Onward.

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